Muscat - The Ministry of Economy, in cooperation with the Follow-up Unit for the Implementation of Oman Vision 2040, launched the national program for economic diversification as per the tenth five-year plan (2021-2025).
Dr. Saeed bin Mohammed al Saqri, Minister of Economy, said that the program includes a number of proposed policies and procedures to accelerate the pace of economic diversification in the Sultanate of Oman, including expanding the production and export base and enabling economic sectors to contribute to non-oil revenues.
He said that the program works in two parts - planning, focusing on framing initiatives and studies, researching integration with other national programs, conducting financial and economic analyzes, and developing a risk management system. The sectors identified for diversification are mining, transportation, logistics, food security, and tourism.
The program has developed a set of major initiatives within its business model - benchmarking with global models in economic diversification, analyzing urban strategy from an economic perspective, and analyzing supply chains based on natural resources, among others.
Al Saqri said that the program will come up with policies for economic diversification, incentive packages, and the development of detailed national indicators.
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