Ibtisam Al Farooji

MoCIIP is committed to creating an environment that fuels economic growth, empowers local businesses, and ensures a prosperous future for Oman.

You have nearly completed one year as the Undersecretary at MoCIIP. What have you brought to the Ministry and what have been your main areas of focus?

As I approach the end of my first year, I take immense pride in the collective progress we have accomplished as a ministry. Over the past year, my primary focus has centered on three areas crucial to Oman’s economic growth, with collaborative efforts in attracting FDI through initiatives like expanding free zones, simplifying procedures, and targeted marketing, resulting in a remarkable 10% increase in FDI. This outcome stands as a clear indicator of the growing confidence that investors have in Oman’s prospects. Concurrently, our emphasis on promoting non-oil exports has proven successful through targeted support for SMEs and facilitation of trade. This dedication has resulted in an impressive 15% growth in non-oil exports, underscoring the effectiveness of our diversification strategy. Additionally, our commitment to enhancing the business environment has been realized through the streamlining of regulations, the promotion of innovation, and strategic investments in human capital. As we reflect on the accomplishments of the past year, it is essential to highlight the additional strides made in fostering an investor-friendly environment. The launch of key initiatives, including the Unified Window, National Investment Strategy, Investment Map, and Invest Oman Lounge, has significantly enhanced the investor-friendly landscape. Our unwavering commitment to continuous improvement, exemplified by refining Investment Incentive Manuals and Investment Attraction Manuals, aims to solidify Oman’s global position. With collective dedication, I am confident that Oman will achieve even greater success in the years ahead.

The ministry recently launched its Made in Oman campaign. What category of products do you see as the most promising for imports substitution as well as for exports?

The Made in Oman campaign, a collaborative initiative spearheaded by MoCIIP, the Oman Chamber of Commerce and Industry, and the Joint Committee for External Exhibitions of Omani Products, is prepared to significantly impact the Sultanate’s economy and foster national pride. The campaign’s multifaceted objectives encompass enhancing consumer awareness of diverse, high-quality Omani products and services, empowering informed choices to support local businesses. It aims to emphasize the community impact, illustrating how buying local generates jobs, fortifies communities, and sustains long-term economic growth. Beyond statistics, the campaign strives to shift perspectives by spotlighting real-life examples showcasing the positive impact of choosing local products on everyday lives. Furthermore, it seeks international recognition for Omani products in global markets, highlighting their quality and competitiveness. Economically, the campaign aspires to stimulate local production, boost small businesses, enhance competitiveness through innovation, and strengthen the Made in Oman brand for increased investments and exports. On a social level, the campaign aims to instill national pride, invest in communities, and empower youth by creating job opportunities. Focused on promising product categories like food and beverage, natural cosmetics, textiles, minerals, and traditional crafts, the campaign aims to leverage Oman’s strengths for economic growth, export potential, and cultural preservation.

How important is it within the Ministry’s strategy to promote more FDI versus increasing domestic investments?

MoCIIP recognizes the critical roles played by both FDI and domestic investment in Oman’s economic development. FDI is acknowledged for its significance in securing capital, technology, and expertise, while domestic investment is equally crucial for establishing a sustainable and self-reliant economy. In the strategic framework of MoCIIP, both FDI and domestic investment are deemed essential contributors to Oman’s economic development. Striking a strategic balance between promoting foreign and fostering domestic investment, MoCIIP focuses on streamlining regulations, investing in critical infrastructure, building skills, promoting innovation, and offering targeted incentives to create an environment attractive to both domestic and foreign investors. Key areas needing attention include diversifying investment destinations, enhancing access to finance, improving the ease of doing business, developing human capital, and fostering public-private partnerships for comprehensive economic growth.