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INTERNATIONAL TRADE AND INVESTMENT OF THE SULTANATE OF OMAN

This article investigates the international trade and investment of the sultanate of Oman. More specifically, we will discuss the models of trade between Oman and its major trading partners. Foreign trade impact on the Omani economy manifests itself through the mechanism of trade interdependence. Discussions of Oman exports and the determinants of Omani exports helped to understand the international trade of Omani. Additionally, an increase in Omani exports from its trading partners will increase its income. In turn, it leads to increased imports. Determinants of Oman’s exports are oil prices and the income of its trading partner. Lastly, recently, Foreign Direct Investment (FDI) in Oman resulted in improved Omani Gross Domestic Product (GDP). For more information on the international trade and investment of sultanate of Oman

FOREIGN DIRECT INVESTMENT IN THE SULTANATE OF OMAN

Investment is accelerating, in particular, thanks to the development of the Duqm Special Economic Zone. The project looks to improve Omani GDP significantly. The project involves the construction of a port, an airport, a refinery, and tourist facilities. The bulk of FDI goes towards the oil & gas sector. Oil contributes significantly to trade between Oman and its major trading partners. In international Trade, Fewer shares of FDI go to the financial services, manufacturing, and real estate sectors. The Sultanate of Oman seeks to attract investors by offering tax incentives and customs duty exemptions. Finally, Oil prices and the income of Oman’s trading partners are the major determinants of Omani exports. For more information on foreign direct investment in the sultanate of Oman

THE DIRECTION OF INTERNATIONAL TRADE OF SULTANATE OMAN

To improve Omani GDP, the government is using enhanced oil recovery techniques to boost production. Omani is focusing on economic diversification to reduce reliance on hydrocarbons. The country is also reducing bureaucracy and heavy regulations to improve trade between Oman and its major trading partners. The country has a weak legal framework, subsidies, and other forms of favoritism to state-owned enterprises. Therefore, international trade and investment of the sultanate of Oman must move towards protecting the determinants of Omani exports. For more information on the direction on international trade of the sultanate of Oman

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