Oman Achieves 21st Place in Global Ranking of Best Countries for Business in 2024

Muscat, The Gulf Observer: Oman has been ranked 21st globally in the prestigious list of the World’s Best Countries to Invest In or Do Business for 2024, according to a new report. This recognition highlights Oman’s strategic efforts to cultivate a business-friendly environment, positioning the nation as a prime destination for international investment.

Oman’s impressive ranking is a direct reflection of its commitment to Oman Vision 2040, an ambitious blueprint aimed at diversifying the national economy, reducing reliance on oil revenues, and fostering a sustainable, innovation-driven future. Central to this vision is the government’s push to create a conducive atmosphere for economic growth, with a focus on enhancing the role of the private sector.

The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has been pivotal in driving these reforms, implementing policies that boost investor confidence and stimulate economic development. Through Invest Oman, the government’s dedicated investment arm, Oman has streamlined the investor journey by offering comprehensive services to guide potential investors from initial inquiry to project completion.

The report from CEOWORLD magazine highlighted key metrics that contributed to Oman’s high ranking. The country earned an economic stability score of 92.12, and received commendable ratings for government policies (92.36), a skilled labor force (92.75), and institutional framework (92.34). These strengths underscore Oman’s attractiveness for foreign investment and entrepreneurship.

Oman’s infrastructure development has also played a crucial role in attracting foreign direct investment (FDI). Strategic zones such as Duqm and Sohar, along with the expansion of free zones, have enhanced the country’s trade capacity across the region, solidifying Oman’s position as a vital gateway to international markets. The government’s focus on securing free trade agreements with key markets in Asia and Europe continues to open new avenues for bilateral trade and investment.

Additionally, Oman’s proactive stance on digital transformation has contributed to its rising global profile. By promoting technological readiness and encouraging tech-driven businesses, the country is aligning itself with global trends toward economic diversification and sustainability.

As Oman continues to improve its standing on the global stage, its ability to adapt to evolving economic dynamics and offer innovative investment solutions will remain crucial in attracting and retaining international investors.