Minister of Commerce and Industry meets investors at Al Mazunah Free Zone

4/9/2018 8:49:11 AM

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His Excellency Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, and Chairman of the Free Zones Committee visited Al Mazunah Free Zone accompanied by Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (PEIE). Al Sunaidy met with Arab investors and elaborated on the investment opportunities and the incentives provided by Al Mazunah Free Zone to the investors that play a significant role in boosting investments in the free zone. Al Sunaidy also discussed the challenges facing investors and businessmen in the free zone.

The Minister of Commerce and Industry also met entrepreneurs and owners of Small and Medium Enterprises (SMEs) in the wilayat of Al Mazyouna, where he emphasised on the readiness to tackle the problems and overcome the challenges facing the SMEs.

Speaking at the event, Salah bin Nasser Al Alawi, Director General of Al Mazunah Free Zone, said the free zone has established direct links with international navigation lines and shipping companies adding that the Al Mazunah Free Zone is considered a dry port for handling goods. “The customs crossing point between Salalah Port and Al Mazunah Free Zone has been activated and is expected to make a quantum leap in the import and export activities at the free zone,” he said, adding: “The free zone undertakes constant efforts to simply procedures and complete localisation of investment projects. By the end of 2017, a total of 160 projects were localised in the free zone.”

He added that an integrated building has been completed for the one-stop shop and work has commenced to offer services to the operating companies in the free zone. “The one-stop shop completes transactions of Invest Easy. Additionally, the Ministry of Manpower and Oman Chamber of Commerce and Industry are present at the one-stop shop, and other relevant authorities are being approached to also be present. Moreover, the Directorate General of Customs of the Royal Oman Police has commenced provision of services at the free zone’s customs area. The customs area has been designed according to the best standards and work requirements,” Al Alawi pointed out.

Al Alawi informed that a tender will be issued in the coming period for a facility building at the free zone, which shall offer an investment opportunity for the private sector. According to Al Alawi, the facility building will comprise the free zone’s management offices in addition to offices of investors and clearance companies, among other services.

He also pointed out that the free zone has launched its electronic system this year. As of March 1st, all investment applications were being received electronically. “In cooperation with the Directorate General of Customs, work is currently underway to complete connection with Bayan system in order to have an integrated electronic process at the free zone and thus save more than 50% of the time for clearance companies and investors. Work is also underway on a system related to issuance of permits through developing a system via the website and mobile application,” Al Alawi informed.

It should be noted that Al Mazunah Free Zone was established under Royal Decree no. 103/2005 to operate under the management of PEIE. Al Mazunah Free Zone is strategically located on the border of the Sultanate and Yemen, which makes it the Gulf gateway for transit trade to Yemen and Eastern Africa. The free zone aims at attracting local and international investments to increase the volume of trade exchange, attract advanced technologies, and create job opportunities. Several incentives are offered to investors, including customs’ exemptions, 100 per cent foreign ownership and no minimum capital requirements. Other incentives include easy access of individuals and investors to the free zone, without entry visas being required for Yemenis, facilitation of employing Yemeni workforce without entry visa being required, and facilitation for senior Yemeni corporate officers and investors to obtain work visas; among other incentives.

  

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