MUSCAT: As many as 70 researchers from the region and outside are attending the conference on “GCC in the Midst of Global Changes: Responding to New Economic Order”. The conference is organised jointly by the Economic Research Forum (ERF) and the College of Economics and Political Science (CEPS) at the Sultan Qaboos University (SQU). The two-day conference commenced at W Muscat Hotel in Muscat on Sunday. The conference started with a keynote speech that discussed the Oman experience in diversification and the new economic vision Oman 2040. It also discussed the opportunities and challenges facing the GCC economics.
The talks discussed how the GCC countries are adjusting to the low oil price environment, the role of oil in macroeconomic stability, the speed of fiscal adjustment, and the challenges of sustainability. In addition, the conference will discuss the role of Islamic Finance in terms of macroeconomic stability. The ERF and a consortium of GCC universities have recently launched the GCC Economic Research Initiative (GCCeRI), which is aimed at building a network for GCC researchers where they can interact with each other and the wider ERF research community to share ideas and collaborate on policy-oriented research. In this context, the GCCeRI would provide a platform for GCC researchers and policy makers to discuss research and policy issues, as well as regional and global developments; and, disseminate research outcomes to the public through means of publications, newsletters, conferences and workshops. The ongoing conference is designed to be the major inaugural event of the GCCeRI.
Delivering keynote address at the opening session of the conference, Yahya Said al Jabri, Chairman of the Public Authority for Investment Promotion and Export Development (Ithraa), said that in the area of economic diversification, the Sultanate has come a long way.
“The Economic Diversification Programme has formed a strategic direction for good governance to drive the fully fledged economic and social development of the Sultanate, and gradual transformation from an economy relies solely on oil, to a diversified economy based on other promising productive sectors where the Sultanate has established comparative advantages.”
In the area of investment, Al Jabri said that FDI was a major factor in economic and productivity growth, technology internalisation, as well as access to new and significant trade markets in the Sultanate. Oman’s 2018 FDI gross capital reached RO 10.5 billion, equivalent to $27.3 billion while FDI cash flows in the same year amounted RO 1.3 billion, equivalent to $3.38 billion, with about 14.6 per cent growth rate. — ONA
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