Cargo Breaking News
Rajesh Lal, Co-founder, Optimax Aces and Treasurer, Warehousing Association of India (WAI) shares, “Considering the current geoeconomic situation, Oman merits serious consideration from logistics perspective with its strategic location which supports lower logistic cost and dependable supply, key considerations to accessing global markets. Oman Vision 2040 launched in January 2021 by order of His Majesty the Sultan strategically repositions the national competitiveness around six themes one of which is ‘world class infrastructure and transport services.’
“Oman today has emerged as an attractive destination with favourable investment climate, characterised by a stable political environment, world-class infrastructure (such as 5 modern airports, 4 world class sea ports, nation wide fibre optic connectively growing coastal ferry and shipping services), full foreign ownership in many sectors, one-stop shop portal InvestEasy for clearances, no restriction on capital and profit repatriation, regionally competitive costs, ready supply of raw materials (oil, gas, minerals, metals, other natural resources) 100 per cent population as urban with median age of 29.2 years (2023), wide use of English language as accredited one and a supportive government. Its strategic geographic location serves as a gateway between East and West offering immense potential for transshipment and trade. Oman is well connected with a 3 hours flight from 30 per cent of the world’s population. It is ranked as one of the safest countries in the world. While India-Oman FTA is nearing conclusion, there are other agreements which make it an attractive investment location for setting up business. Illustratively, GCC-European Free Trade Association FTA with Iceland, Liechtenstein, Norway & Switzerland for goods & services covering industrial goods exemption from customs duties.
“A case to point is Khazaen Economic City, located just 60 kms from Muscat with direct links to Sohar Port and major road networks. It is a planned city offering logistics, industrial, commercial and residential components in a single connected ecosystem. It offers special zone benefits such as simplified regulatory procedures, duty exemptions, and fast-track approvals through a single-window system. It hosts the first integrated international dry port in Oman. Free Zones offer further incentives such as no minimum capital requirement and exemption from customs duty and income tax (15 years extendable),” he concludes.
