MUSCAT: Oman Chamber of Commerce and Industry (OCCI) has unveiled 14 strategic initiatives aimed at enhancing the Sultanate’s business environment, fostering economic diversification, and strengthening partnerships between the public and private sectors. The initiatives were announced at the conclusion of a four-day development workshop organised in collaboration with the Oman Vision 2040 Implementation Follow-up Unit. The workshop, which saw participation from over 300 representatives of 20 government and private entities, culminated in the approval of the initiatives and the signing of their executive plans.
The closing ceremony was attended by key figures, 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’s Board of Directors. The event underscored the Chamber’s commitment to aligning its strategic directions with Oman Vision 2040, a national blueprint for sustainable economic development.
THREE PILLARS OF STRATEGIC DEVELOPMENT
The 14 initiatives are structured around three core pillars: improving the business environment, enhancing economic development in governorates, and expanding the base of economic diversification. Each pillar addresses specific challenges and opportunities within Oman’s economic landscape.
1. Improving the Business Environment (6 Initiatives). The first pillar focuses on creating a more conducive environment for businesses to thrive. Key initiatives include:
- Smart Guide to Commercial and Investment Legislation: A digital platform that consolidates all relevant laws and regulations, with automatic updates to ensure accessibility and accuracy.
- Technical Team for Economic Laws Review: A cross-sectoral team tasked with reviewing economic regulations and submitting recommendations to relevant authorities.
- Private Sector Conference: A platform for public-private dialogue to address challenges, explore opportunities, and improve the investment climate.
- Chamber’s Events Guide: A comprehensive calendar of planned events with clear procedures and follow-up mechanisms.
-*Strengthening Public-Private Partnerships: Regular meetings with ministers to discuss sectoral challenges and propose incentives for improving the investment environment.
-*Center for Economic Research and Studies: A research hub providing specialized studies and consultations to support decision-making in both public and private sectors.
2. Partnership in Economic Development of Governorates (4 Initiatives): The second pillar aims to decentralize economic growth by empowering governorates. Initiatives under this pillar include:
- Takamul Initiative: Enhancing collaboration between OCCI branches and governorate offices to promote private sector participation in local development programs.
- Opportunities Initiative: Identifying investment opportunities and competitive advantages in each governorate, supported by in-depth studies and conferences.
- Support and Establishment Initiative: Facilitating the establishment of companies based on local investment opportunities to drive sustainable growth.
- Empowerment Initiative: Training programs for small and medium enterprises (SMEs) to maximize local content and increase their participation in national projects.
3. Expanding the Economic Diversification Base (4 Initiatives): The third pillar seeks to reduce Oman’s reliance on oil revenues by diversifying its economy. Key initiatives include:
- Mazaya Initiative: Reviewing and proposing competitive investment incentives to enhance Oman’s attractiveness to foreign investors.
- Delegations Initiative: Developing a regulatory framework for managing trade delegations and business forums with target markets.
- Global Connection Initiative: Launching a digital platform to streamline the organization of trade delegations and events.
- Omani Industries Project: Promoting Omani products in international markets through participation in global exhibitions.
ALIGNING WITH OMAN VISION 2040
The initiatives reflect OCCI’s commitment to supporting Oman Vision 2040, which emphasizes sustainable economic development, private sector empowerment, and economic diversification. Zakaria bin Abdullah al Saadi, CEO of OCCI, highlighted the Chamber’s collaborative approach, stating that the workshop’s outcomes were the result of extensive dialogue and joint efforts with stakeholders from both public and private sectors.
Khalfan bin Suleiman al Bahri, Director of the Oman Vision 2040 Implementation Follow-up Office at OCCI, emphasized the importance of continuous cooperation to ensure the successful implementation of the initiatives. He noted that the newly established office would oversee the execution of detailed plans to achieve the desired impact.
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