Oman exploring avenues to deepen economic ties with Sri Lanka
Daily FT: Oman is accelerating its efforts to attract foreign investment and sees growing opportunities for Sri Lankan businesses and professionals in tourism, manufacturing, agriculture and education, according to the country’s Ambassador to Sri Lanka.
Ambassador Ahmed Ali Said Al Rashdi said that as part of Oman’s Vision 2040 economic transformation plan, the Sultanate continues to open up its markets in order to attract foreign investors across all sectors.
“Tourism is one of our booming sectors” he added. “In 2024, we welcomed approximately 3.9 million visitors, up from 3.7 million the year before, and the Government expects to increase arrivals by about one million each year.”
To support the growth, Oman plans to expand its infra-structure with six new airports while also upgrading Salalah and Sohar to international standards. Oman is further investing in major hotel developments in partnership with leading global brands.
Sri Lanka’s Santani Group, for instance, has partnered with Oman’s State- owned tourism developer Omran to build two luxury resorts in Salalah and Jabal Al Akhdar near Muscat.
Foreign investors are now permitted to buy property in selected zones such as Al Mouj, Sultan Haithem City, Al Khuwair Downtown and other designated areas, where several 40 story towers are being planned.
“We are gradually opening more cities for foreign ownership,” the Ambassador said. “This approach gives investors greater confidence in Oman’s real estate and hospitality sectors”.
Oman has also introduced a 10 year Golden Visa for investors who commit at least $ 500,000, offering residency for their families along with a range of additional benefits. “This is the first time in our history that we have such a system,” the Ambassador said.
Beyond tourism and real estate, the Ambassador noted that industrialisation is central to Oman’s diversification drive. The public establishment for Industrial Estates known as Mada’in manages 15 industrial estates and four free zones that offer long-term leases, tax holidays of up to 30 years and 100% profit repatriation.
“We do not depend on one sector,” he said. “We are open to all sectors, including manufacturing, logistics, energy, fisheries, apparel, agriculture, minerals, jewelry and information technology and our budget exposure to non-oil sectors is about 65%”.
OSL take:
Sri Lanka is aggressively seeking out more foreign investments to the country and has engaged in several programmes in many countries for the purpose. Sri Lanka’s economic growth and resilience to internal and external challenges through the years as well as during the 2022 economic crisis have also served to boost the confidence of foreign businesses/investors in Sri Lanka. Apart from this, Sri Lanka’s geographical positioning in the Indian Ocean, the strong trade ties enjoyed with many foreign countries and the increasing business conducive environment in the country have also added to Sri Lanka’s attraction as an emerging business destination in the South Asian region. The steady growth and profits recorded by Sri Lanka’s private sector and the increasing interest in Sri Lanka by foreign businesses/investors further indicate the country’s increasing business potential all indicate that Sri Lanka is the ideal business/investment opportunities. Foreign businesses/investors could therefore confidently explore the expanding business/investment opportunities in Sri Lanka. They could also look at expanding operations through partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/20251125/Z_4 |