Fast-tracking Oman’s economic development
Oman is on the right track to beat slowdown as a result of its world-class infrastructure and more importantly the new laws designed to lure investments.
The country has all what it needs to drive the economy forward. For a growing population and diversified economic activities, it has world-class roads, public transport, 24x7 electricity, water and above all a conducive business environment for local and foreign investors.
The Vision 2040 project, a follow up of the Vision 2020, focuses on people and society, economic development and governance.
The recent Royal Decrees, promulgating bankruptcy, public-private partnership, privatisation and foreign capital investment laws, are part of the government’s efforts to create a favourable regulatory environment for investment in all fields to serve the objectives of ensuring competitiveness of the economy at a global level.
In a statement recently, 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 achieving 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 desire for the private sector to play a key role in Oman’s development and create more job opportunities 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, said the new foreign capital investment law will open up new avenues for investments.
H E Dr Sunaidy said that the new law aims to improve the sultanate’s position as an investment destination capable of attracting foreign capital. It aims to enhance the sultanate’s competitiveness in line with international indicators through the legislative system that governs businesses.
With the sultanate having many attractive landscapes, there are plenty of opportunities in the tourism sector to improve the economic lives of people by attracting more international tourists to the country.
Omani ports too play a significant role in the economy right 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 boost the economy but also provide more employment opportunities to Omani youths.
Port Sultan Qaboos in Muscat is Oman’s top tourist port while Sohar Port is being used for trading purposes.
Duqm port is a major facility for the petrochemical and minerals sectors while Salalah port is used for general cargo due to the Salalah Free Zone and the Salalah Industrial Zone.
Oman can easily be a hub for maritime transport given its strategic location.