Also, nearly 57 per cent of the manufacturing projects have been completed as part of the Tanfeedh programme, which has a combied estimated investment of around OMR956 million.
"During the Ninth Five-Year Plan (2016-2020), the ministry focuses on taking measures that will facilitate the business environment and speed up the process of issuing commercial licenses," added the minister.
The country's domestic output also rose by 12 per cent last year compared to around OMR29 billion in 2016. "OMR2.5 billion has been the contribution of industrial sector during the first six months of 2017," Al Sunaidi said.
He said that despite economic crisis due to low oil prices, the industrial sector is still on a good footing.
Referring to new legislation in for economic diversification, Al Sunaidi said that 2015 and 2016 were not an suitable time for announcing the bankruptcy law as the country needs to be in a good economic fundamentals to issue such a law.
The minister confirmed that the fifth clause of the trade law clarifies the bankruptcy and the effects of it. The ministry will not allow any economic project in 2018, unless it prepares a comprehensive economic feasibility study.
The Sultanate has achieved robust economic growth since 1970s, despite adverse effects of low oil prices, he added. Al Sunaidi also said that innovation is one of the areas where the country entered late compared to several other countries, and there is a focus on this during the past few years.
The minister clarified that the share of trade names that are rejected does not exceed two per cent and these names are rejected because of violations of the controls or the existence of companies with the same name.
Source Link: timesofoman.com