Sunday, March 26, 2023 | Ramadan 3, 1444 H
clear sky
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Wider participation in economic decision-making

There are accurate mechanisms to ascertain public opinion in everything concerning economic and commercial activities in the country

It is extremely important to participate in decision-making and give opinions on frameworks and legislations regulating investments and commercial activities. It is an essential part of the method to consider the viewpoints of the society concerning economic affairs.


This is the approach adopted by the leadership of the Sultanate of Oman. It adheres to the idea of involvement of the private sector in all stages of the related work. The government of the country values it and gives utmost importance to take the private sector along at every stage, from policy making to planning, from its execution to achieve the developmental goal. Everything involved with attracting foreign investment, and establishing partnerships, the private sector is present everywhere.


At the ground level, it is the Ministry of Commerce, Industry and Investment Promotion which is ensuring that there is a wide-range participation in the formulation of laws which regulate economic affairs in the country.


A workshop is slated to be held at the Oman Chamber of Commerce and Industry on November 6 to discuss the draft rules and regulations of offices endorsing foreign investor applications. This is one of the models of ensuring wider participation from the concerned quarters of the private sector. This is also evidence of the ministry’s efforts to create an attractive environment for investments by making procedures easy for getting approvals, permits and licenses for investment projects.


This is a matter to be appreciated for all that there are accurate mechanisms to ascertain public opinion in everything concerning economic and commercial activities. There is no doubt that the participation of the society, with different orientations, in rules formulation, has become an important and necessary element of the process now. This helps in achieving consensus among the segment which ultimately benefits from these laws and regulations.


Now, the trend is that there should be a wide scale participation in the formulation of laws of whom it concerns. The Sultanate of Oman is among the top of the country which ensures private sector participation in policy and rules formulation. It has emerged as a country which is integrated and inclusive in decision-making. This is how the interests of the citizens are served.


The approach of the government everywhere in the country is to ascertain the viewpoints and suggestions from all quarters. It keeps doors open for ideas and encourages innovative thinking of common interests. This openness, inclusiveness and will to accommodate as many ideas as possible is the power behind the movement of the wheel of its development forward and attracting investments. It has earned accolades for its openness it shows to the private sector. It is at par with the public sector when it comes to taking decisions of far-reaching implications on the economic affairs of the country.


In this area, the government is represented by the Ministry of Commerce, Industry and Investment Promotion. It follows the approach of inclusiveness and openness. This is the reason the ministry keeps holding discussions in the form of symposiums, seminars, conferences and more frequently workshops to ensure that it does not ignore this essential approach in its duties. The ministry engages with the society on all the platforms used by it. This is how it accommodates one opinion with the other. This shows the accuracy of its approach in dealing with public opinion and managing economic affairs. It believes that everyone is concerned with the interest of the country and is responsible for what is happening around them.


Therefore the society, particularly the business community and the entire private sector, are required to engage in dialogue and discussion. This is essential for a better business and investment environment. Their participation in decision-making is a must to reach the goal of all round development of the country where people live with real peace and prosperity.


The initiative made by the government with an inclusive approach and participation of the society as a whole is always a success. It is in everybody’s interest to not to lose the opportunity of sharing their views and ideas on matters involved in decision-making.


SHARE ARTICLE
arrow up
home icon