HH Sayyid Theyazin chairs council of ministers financial and economic committee

Muscat: His Highness Sayyid Theyazin bin Haitham al Said, Deputy Prime Minister for Economic Affairs, today chaired a meeting of the Financial and Economic Committee of the Council of Ministers. The meeting was attended by the committee's chairman and members, with the participation of a number of ministers and senior officials from the relevant entities.

The meeting, held as part of His Highness's follow-up on the committee's work, reviewed a number of topics related to strengthening economic growth and fiscal sustainability. These included the preparation of a long-term plan to enhance the trade balance and non-oil revenues.

The meeting discussed a study on incentives and facilities for specialized industrial clusters in pharmaceuticals and medical devices in economic zones and free zones, whose establishment was blessed by His Majesty the Sultan.

His Highness stressed the importance of focusing on strengthening economic growth, particularly in non-oil sectors and maximizing local content, in addition to improving the business environment as a key driver for attracting investment and raising productivity.

As part of efforts by various entities to maximize the economic returns of Oman's strategic location, His Highness stressed the importance of strengthening the Sultanate's position on the regional and global trade and investment map. He also directed that implementation of the Royal directives be accelerated through integrated government action and a unified team approach, and that readiness and flexibility be enhanced to keep pace with economic changes. This will help complete economic initiatives and programmes and achieve their objectives within clear, defined timelines, with continuous monitoring of progress and measurement of outcomes.

This meeting comes in light of His Highness's follow-up on economic development tracks and the direction of government efforts towards priority economic files. This enhances the efficiency of the national economy's performance and accelerates the achievement of economic diversification objectives within the framework of Oman Vision 2040.