Initiatives to bolster private sector’s role in economic growth

MUSCAT, FEB 12

The Oman Chamber of Commerce and Industry (OCCI) has launched 14 new initiatives aimed at firming up its strategy to support Oman’s economic development. The initiatives, along with detailed plans for their implementation, were approved during the closing of the Chamber’s developmental workshop on Wednesday, February 12, 2025. The event was attended by several senior officials, including Dr Khamis bin Saif Al Jabri, Head of the Oman Vision 2040 Implementation Follow-Up Unit, and Shaikh Faisal bin Abdullah Al Rawas, Chairman of OCCI.

The initiatives included six focused on improving the business environment, such as a smart guide for investment regulations and a technical team to review economic laws. Four initiatives aimed at boosting economic development in Oman’s governorates, including partnerships between OCCI branches and local governments. The remaining four sought to expand economic diversification, with measures like enhancing investment incentives and promoting Omani products at international trade fairs.

Shaikh Faisal al Rawas emphasised the importance of the workshop as part of OCCI’s ongoing efforts to support the private sector and enhance its role in the national economy. He noted that the workshop brought together a select group of experts, business owners, and relevant stakeholders to ensure that the resulting programmes and projects would serve the private sector’s needs and align with the strategic priorities of Oman Vision 2040.

“We are committed to fostering dialogue and collaboration between the public and private sectors,” he added, highlighting the workshop's role in generating initiatives that will enhance Oman’s competitiveness and create new opportunities for the private sector.

Zakaryia al Saadi, CEO of OCCI, explained that the developmental workshop reflected a new approach embraced by the Chamber, centred on discussion sessions and joint working with various stakeholders from both the public and private sectors. This approach ensures that the initiatives align with the national priorities of Vision 2040, with tangible, actionable outcomes.

Al Saadi further noted that the OCCI, in collaboration with the Follow-Up Unit for Vision 2040, had created a detailed plan to ensure the successful execution of these initiatives, designed to deliver significant impact by enhancing the private sector’s contributions to the economy.

Fulfilling its role in ensuring the effective implementation of these initiatives, the OCCI has established an office dedicated to tracking the progress of Vision 2040, in line with its commitment to fostering sustained economic growth and cooperation.

The developmental workshop has been praised by participants, who emphasised its importance in shaping Oman’s future. Hassan Al Ishaqi, Chairman of OCCI’s Retail and Trade Committee, commended the productive discussions, particularly the initiatives aimed at improving the business environment.