We say that something is "of importance", meaning that it is important. You can consider "of importance" to be a set phrase. The word "importance" can then be modified by an adjective, as in your example.
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Adam Sidorczuk"Of" in this sentence seems to be grammatically incorrect to me.No, "of" is definitely correct.
Adam SidorczukCould someone explain to me why "is of" has been used instead of "has?"In fact, "has" would make that sentence unnatural.