Sunday 22 / December / 2024
Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz) has launched new initiatives aimed at enhancing the services offered to investors in special economic zones, free zones, and industrial zones.
These initiatives are part of Opaz’s strategy to improve investor services and standardise the incentives and benefits available across these zones.
Dr. Said Khalifa Al Quraini,General Director of Investment Development at Opaz, noted: "We are continuously refining our strategies to attract investors and improve the business environment. This effort aligns with our commitment to the core objectives of attracting foreign investment and fostering a conducive environment for the growth of local investments in economic, free, and industrial zones. Our initiatives also support national efforts in this area."
Al Quraini added: "The new initiatives include the introduction of additional electronic services designed to align with investors' expectations and needs. A key component of these efforts is the Investor Services Project, recently undertaken by the Authority to support investment attraction and foster an environment conducive to growth. The project aims to offer e-government and operational services to investors within the Authority's jurisdiction, utilising state-of-the-art technologies and best international practices. The platform will further streamline project establishment, improve the efficiency and quality of services for investors, and enhance their competitiveness."
He also emphasised that the new initiatives involve more coordination with the specialists at the Invest Oman Lounge. This collaboration aims to strengthen the lounge’s role in attracting strategic investments to the economic, free, and industrial zones overseen by the Authority. Additionally, Opaz's plan includes promoting investment opportunities at various local and international events and making optimal use of specialised communication tools.
"This year, the Authority organised several workshops involving specialists in the investment development sector from both Opaz and the zones. These workshops focused on providing additional facilities for investors, addressing their challenges, and facilitating the exchange of experiences. Additionally, the discussions included strategies to increase investment volumes in targeted economic sectors through the enhancement of existing work mechanisms." he added.
Al Quraini explained that the new initiatives build on the successes of the projects implemented in 2023. These included activating automatic licenses, launching the comprehensive service provider, establishing the strategic project management platform, enhancing the electronic land selection platform, and streamlining various import and export procedures.
Notably, the automatic license initiative enabled investors to obtain project licences in just 15 minutes. In 2023, fees for over 80 services across different Authority-managed areas were set, with many services seeing reductions of up to 90 percent and fees for small and medium-sized enterprises cut by 50 percent. These changes followed a study conducted by OPAZ to re-engineer investment procedures.
Al Quraini stressed that he Authority's digital transformation has significantly encouraged investors to invest in economic, free, and industrial zones. As a result, investors can now access over 80 electronic services across all zones, enhancing their ability to conduct business efficiently online.
On the benefits of investing in economic, free, and industrial zones, the General Director of Investment Development at Opaz, highlighted that the Authority manages extensive land areas with significant comparative and competitive advantages. These areas cater to a wide range of investors, including small and medium-sized enterprises, those in the storage and logistics sector, large manufacturers seeking proximity to major ports, as well as investors in commercial, tourism, and real estate development.
Opaz also oversees 22 zones across various governorates, offering investors numerous options. The General Manager added that Opaz assesses investors' requests and needs to direct them to the most suitable area for their projects.
Dr. Said Al Quraini concluded that the Authority is committed to enhancing the business environment in the regions to foster sustainable economic growth, boost economic competitiveness, and increase the relative value of economic, free, and industrial zones.
