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The entrepreneurial bug is biting many a
wannabe entrepreneur. The reasons for the
same are manifold. On the one hand, the global dynamics for business have undergone a
sea change in the last two decades or so, and on
the other, the emergence of science and technology
has given a new facelift, thereby facilitating the systems and processes faster than ever before.
The economies, which were the darling of the investors a decade back, have now
been substituted by the emerging markets. The
recently subsiding recession impacting the world
economy is a pointer to this fact, whereby the
emerging markets like BRIC (Brazil, Russia, India,
China), along with the MENA region (Middle East
and North Africa) are showing more resilience than their western peers from the Americas
and Europe. It is not only the market potential
thrown up by the emerging countries but also a
conducive business environment that has helped in
shifting the momentum towards these regions.
This article highlights the importance of one such region. The Middle East, or more
specifically the Arab Gulf Cooperation Council (AGCC), is
one such region offering abundant opportunities to
all global entrepreneurs to cash in on the
advantages provided by these economies. The Dubai
crisis—a small blip in the otherwise stable business radar
of the AGCC—notwithstanding, countries have stood tall amongst the ruins of the recession.
Even amongst the AGCC economies, a few of them differentiated themselves distinctively owing
to the progressive policies carried out by their visionaries and leaders for years together.
The Sultanate of Oman is one such nation which has moved up the value chain, thereby
drawing considerable attention from global
investors, including those from India.
The inherent advantages of the Sultanate in the form of a strategic location connecting the
AGCC countries with Iran, Yemen and Middle Asia provides innumerable opportunities
to businessmen across sectors. The warm Omani hospitality, entrenched in their strong culture
of ethical and balanced approach towards products and services, makes it one of the few
markets which have graduated very fast amongst the community of nations. The
investor-friendly policies laid down by the government, under
the wise leadership of His Majesty, Sultan Qaboos
Bin Said, along with the right mix of Omani and expatriate stakeholders, makes it an
ideal destination for business.
The Sultanate of Oman is following its commitment under the World Trade
Organization (WTO) in principle, thereby offering benefits to
the local populace, as well as foreign investors. Agricultural goods will be charged a customs
duty of 15%, except dates (100%), bananas
(100%), fruits and vegetables grown in Oman (80%
in season and 30% in off-season, fresh and long
life milk (75%), tobacco (150%), and alcoholic beverages (200%), which are in line with local
and international standards and requirements. In addition to the above, a number of
other agricultural products attract a customs
duty, ranging from 5%-10%. Customs tariff for
products such as wood (8%), fish and fish products
(20%), oil and oil products (20%), pharmaceuticals
(0%), chemicals, IT agreement products (0%
effective after five years) are ample indicators towards
the progressive business policies of the Sultan and
his team of experts. Even in the services sector,
Oman is allowing the entry of foreign service providers
in sectors such as communication, banking and finance, insurance, marine transport,
professional services like legal and accounting,
business services like management consultancy, construction, education, health and
environment, etc.
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