Monday, 20 Mar 2023
Fast-tracking Oman’s economic development

Fast-tracking Oman’s economic development

The nation has all what it wants to drive the economy forward. For a developing population and diversified economic activities, it has globe-class roads, public transport, 24×7 electrical energy, water and above all a conducive enterprise atmosphere for nearby and foreign investors.

The Vision 2040 project, a adhere to up of the Vision 2020, focuses on folks and society, economic development and governance.
The current Royal Decrees, promulgating bankruptcy, public-private partnership, privatisation and foreign capital investment laws, are component of the government’s efforts to produce a favourable regulatory atmosphere for investment in all fields to serve the objectives of guaranteeing competitiveness of the economy at a worldwide level.

In a statement not too long ago, H E Darwish bin Ismail al Balushi, Minister Responsible for Financial Affairs, stressed that privatisation and partnership are an economic necessity and a priority for reaching the future vision of the Omani economy. “The establishment of the Public Authority for Privatisation and Partnership is a step to allow the private sector to get more competitive, improve operational efficiency, provide financing needs, encourage foreign investment, and attract technical expertise.”
In addition, the new laws reflect the government’s wish for the private sector to play a crucial function in Oman’s development and produce a lot more job possibilities for the national workforce.

H E Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry and Deputy Chairman of Supreme Council for Planning, stated the new foreign capital investment law will open up new avenues for investments.
H E Dr Sunaidy stated that the new law aims to enhance the sultanate’s position as an investment location capable of attracting foreign capital. It aims to improve the sultanate’s competitiveness in line with international indicators by means of the legislative method that governs organizations.

With the sultanate getting several desirable landscapes, there are a lot of possibilities in the tourism sector to enhance the economic lives of folks by attracting a lot more international vacationers to the nation.

Omani ports as well play a substantial function in the economy proper from Musandam, Shinas, Sohar and of course Port Sultan
Qaboos. This is in addition to the Duqm and Salalah ports.
All these will not only enhance the economy but also offer a lot more employment possibilities to Omani youths.

Port Sultan Qaboos in Muscat is Oman’s best tourist port while  Sohar Port is getting utilized for trading purposes.
Duqm port is a main facility for the petrochemical and minerals sectors although Salalah port is utilized for common cargo due to the Salalah Free Zone and the Salalah Industrial Zone.
Oman can very easily be a hub for maritime transport offered its strategic place.

Information Source: Muscat Daily

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