OCCI’s role in strengthening Oman’s private sector

Although it is considered one of the national institutions that was established in the early 70s, some still ask about the role that the Oman Chamber of Commerce and Industry (OCCI) has played in supporting economic development plans during the past five decades since its founding in 1973.

They also voice concern about its achievements, support and motivation for business in various fields. The question that is always posed to the chamber’s boards of directors relates to the extent of this institution’s need to impose the annual financial fees paid by the owners of institutions, especially small ones in order to become members of the chamber.

There is a lot that can be said about this matter, 50 years after the establishment of the chamber, which contributes positively to the development work of companies and institutions affiliated with the Omani private sector. The Oman Chamber of Commerce and Industry has played a major role in supporting Omani institutions and companies of all levels through the services provided by the Chamber to facilitate the businesses of institutions, as well as supporting the country’s five-year plans. Oman has witnessed a commercial boom in the number of institutions and companies, with the number exceeding 400,000 institutions registered with the Chamber to keep pace with new developments, while today it works continuously to support various approaches towards the strategies that are being developed to make the Oman 2040 Vision a success.

Recently, the Chamber organized an economic forum aimed at shedding light on the achievements it and its branches have achieved over the past five decades, in which it discussed the approach it has taken since its founding in supporting strategic development trends in the country, in addition to its economic plans for the current period of the new Board of Directors for the years 2022-2026. Faisal bin Abdullah al Rawas, Chairman of the Chamber’s Board of Directors, believes that the organization’s directions at the current stage embody the paths and priorities that are consistent with the directions of Oman Vision 2040, which aims to improve the business environment, partnership in developing the governorates economically, and expanding the base of economic diversification, while working to establish principles governance, improving the internal work environment, and achieving digital transformation in line with government digital transformation. The Chamber also works within the framework of these trends to improve the business environment in the country, review laws and legislation related to economic work, and strengthen Oman’s position as an investment destination capable of attracting foreign capital.

Over the past decades, the Chamber has achieved many works by working on several axes, including managing trade delegations, organizing specialized economic events, and contributing to raising the Sultanate of Oman’s ranking in special global indicators by simplifying and facilitating commercial activities, which accelerates the achievement of the economic diversification policy that aims to the government, in addition to supporting the work of the research and studies center to enhance the growth of the business of institutions and companies affiliated with the private sector.

It also works to strengthening the partnership in developing the Omani governorates economically by contributing to the creation of investment opportunities according to the comparative advantage of each governorate, which enhances the opportunities for expanding the base of economic diversification, attracting more foreign investments in various targeted economic sectors for each governorate.

All of these plans support improving the internal work environment, keeping pace with changes and responding to interim developments, developing competencies and productivity in institutions.