331 industrial licenses registered in MOCI during 2018
The MOCI said that the number of industrial licenses registered through the portal "Invest Easy" between January and December 2018 end reached to 331. It was just 140 in 2017.
Engineer Hamad bin Saeed Al Mamari, acting head of the industrial registrations in the Ministry of Commerce and Industry, said that the increase in the number of licenses in 2018 over 2017 was due to the fact that many investors got the services on "Invest Easy" portal. The industrial licensing services were being provided online to make the business and industrial work easy int he Sultanate of Oman. This facility has saved time and efforts. This approach will help making the country commercial and investment hub.
Al Mamari said that the industrial projects with investments between RO 5,000 to RO 50,000 registered in 2018 was 12 compared with just six in 2017. The projects with investments between RO 50,000 and RO 100,000 registered in 2018 were four. The number was same in 2017. The industrial projects with an investments between RO 100,000 to 500,000 registered in 2018 were six, compared with seven during 2017. There were 309 industrial licenses given to projects with investments more than RO 500,000, compared with just 123 in 2017.
The process of approval for industrial licensing starts with submitting the application through "Invest Easy" portal. It is verified in terms of plant location, activities, products, production capacity, equipment, tools, units of measurement and the name of the establishment. After that feasibility study of the project is also seen. Similarly, there are certain organisations related with the process of industrial licensing. The approval of the applications takes not more than 30 days. Then only industrial license is given which is a final license with three years validity. When the investor implements the project and starts working on it, he updates the data with the date of the beginning of actual production. For this, license renewal form is used. After that experts visit the factory or industry to confirm the details of the production provided to them, he said.
The industrial sector is the top economic priority of countries as a key for economic development. The Sultanate of Oman also relies on this sector to diversify its sources of national income. The government is giving priority to the industrial sector and providing incentives and facilities to make it an essential pillar of the national economy and a major source of income.