The government of Oman has recently completed the first phase of the industrial strategy project 2040, aimed at accelerating the country’s transition to the post-oil era. The key plans are to finalize ports and freezones in Duqm and Salalah.
The aim in establishing two commercial hubs is that they should become highly important to the international economy, perhaps one day rivalling Dubai’s Jebel Ali, the largest port in the region. The ports, especially the one in Duqm, are very attractive due to their geostrategic location being outside the Strait of Hormuz. In addition, Oman has pursued an open and liberal investment policy by welcoming and encouraging both domestic and foreign investment. Oman enjoys a favourable tax regime. WTO Agreements and the GCC Treaty are the main factors underlying Oman's trade policy as well as the Oman-US Free Trade Agreement (FTA).
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