Muscat: The economy is making good progress, as the Sultanate of Oman has transitioned from the recovery phase to one of economic growth and expansion.
Dr. Said bin Mohammed al Saqri, Minister of Economy, has said in a radio interview that the average growth at current prices was approximately 10 percent, and the performance of both oil and non-oil activities exceeded the target.
"The Government is working to facilitate the business environment and attract foreign investment by simplifying procedures, providing competitive incentives, and strengthening partnerships with investors, which will open doors to new opportunities and enhance the growth of promising sectors in a stable and attractive economic environment."
Five key sectors that have been identified under the diversification programme include the manufacturing, the mining, tourism abd transport, and logistics.
The current and upcoming five-year plans focus on the manufacturing sector. "We are also working to localize the renewable energy sector, including the production of solar cells, wind turbines, and electrical transformers. These are all major industries and will be important for generating employment opportunities. In addition, the tourism sector is experiencing sustainable growth,
supported by human capital, legislation, and laws, along with continuously developing and modernizing infrastructure."
The "Governorate Development" program is an important program that aims to determine the development budget for sectors that need strengthening and related opportunities within the governorates. In the past period, the program has succeeded in stimulating many economic activities and creating entrepreneurial project opportunities for businesspeople in these governorates.
The Ministry of Economy's core responsibilities include studying the challenges facing economic diversification sectors and finding the necessary solutions. Our role in this regard is ongoing and continuous. "We have worked in the past to study these challenges, and work continues to integrate with other economic entities, direct investment, and identify existing opportunities
through the National Program for Economic Diversification."
The development budget is used to direct financial resources to activities that strengthen productive structures and reduce dependence on oil activities.
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