Oman attracts big industry players

A stable political climate made more attractive by the presence of factors that augur well for business opportunities are the reasons behind the important role played by the Sultanate of Oman in the Middle East region's economic growth. Being a member of several economic blocs - including the Arab Gulf Co- operation Council (AGCC), the Greater Arab Free Trade Zone, the Indian Ocean Rim Association for Regional Cooperation (IORARC) and the World Trade Organisation (WTO) - the Sultanate of Oman has established itself as an ideal site for trade and business. The Sultanate has also upgraded its laws on investment activity and has introduced "One Stop Shop" clearance facilities along with simplified, transparent procedures. There is close coordination between the bodies and authorities involved in providing services for investors, while initiatives to establish e-government have led to a growing reliance on electronic channels. The Sultanate has also started to streamline its commercial laws and regulations, including the Law on Trade Marks, Descriptions, Trade Secrets and Protection against Unfair Competition, the regulation of foreign trade representation offices, the Consumer Protection Law and the Law on the Protection of Intellectual Property. These measures were undertaken alongside programs to upgrade the country's ports and to establish free trade zones in al Mazyounah and Salalah. Looking beyond the regional market Omani goods are exported to over 100 countries around the world and its trading partners are the UAE, India, Saudi Arabia, Iran, Qatar, Libya, Somalia, China, South Korea, Germany and the United States. The industrial sector is a cornerstone of the Sultanate's long-term development strategy that covers from 1996- 2020 as the country attempts to diversify its sources of revenues and reduce its dependence on oil. In particular, the Seventh Five-Year Development Plan (2006-2010) creates the platform to attract investments. Under its strategy for the industrial sector, the government also targets to develop the information technology (IT) and telecommunications industries. The Knowledge Oasis Muscat (KOM) IT complex has been set up and expanded. Industrial estates are also being set up and these serve as location to various Omanis businesses and foreign investors wanting to set up shop in the country. The Rusayl Industrial Estate in the Governorate of Muscat - the Sultanate's first industrial estate - serves as location to a large number of factories as well as the Knowledge Oasis Muscat (KOM). Another industrial estate in Sohar serves as location to heavy industries. Other estates in Sur, Salalah, Nizwa and Buraimi offer ideal locations for companies wanting to relocate their operations into the Sultanate. These estates, especially those in Sohar and Salalah, are supported by a steady supply of natural gas to promote the expansion of industries dependent on this source of energy. "The industrial sector is a cornerstone of Oman's long-term development strategy that covers from 1996-2020" "The industrial sector is a cornerstone of Oman's long-term development strategy that covers from 1996-2020" Industries in the industrial estates are given tax exemptions by the government as a form of incentive to encourage their expansion and development. By 2020 the industrial sector is expected to contribute 15% to the country's GDP and ongoing initiatives by the government encourage Omani factories to keep abreast of the latest technology, comply with international standards and increase the number of employed. Strengthening the petrochemical industry The Sultanate of Oman's crude oil and oil condensate reserves is estimated at over 4.8 billion barrels. Oman is a small producer but its oil is used to set the price for around 12 million barrels per day (CAMPO