There are huge efforts made in the Sultanate of Oman to promote self-employment and jobs. It has opened up vast horizons for the people of the country who are really serious about starting own projects in all sorts of economic activities as an added value for the country. These projects cover national cadres, provide goods and services to the people achieving self-sufficiency and reducing dependence on import.
Al Rafd Fund, since its establishment, provided 2,297 loans with a total amount RO 89 million in all governorates of the Sultanate. It has played major role in empowering people of the country in launching own companies and helped them in pushing their goods and services in the market with high quality and innovation. It has altered the balance in the competition in their favour. The objective of the Al Rafd Fund is that the projects should move towards right direction. Everybody should understand and cooperate with the entrepreneurs by providing them all sorts of support and prefer them while availing any services anywhere or purchasing any products.
The efforts are made for independent work with the support of all concerned organisations with clear objectives to be achieved. This has become a trend in the society. It is also a responsibility of everybody to stand by these entrepreneurs in achieving a number of goals for which the government and all its apparatus are making efforts.
It wants to cover all job seekers and make them work independently. It costs less than providing jobs in public or private sectors. The return of these entrepreneurships are more than employment. The entrepreneurs create jobs for local cadres either as owners of projects or their assistants. On the contrary, giving jobs to people costs much and its returns are also less. For example, a project which got RO 50,000 as loan, hires five young men or women, compared with hiring five young men or women, who have passed out from any university in a governmental or private sector job, with an average salary of RO 1,000 per person would mean RO 5,000 per month. In a year it would have to pay RO 60,000 per annum to all five employees. In an average period of 20 years till retirement, we assume they are paid around RO 1.3 million. If a fund like that of Al Rafd Fund gives RO 50,000 as loan for a project which hires five youths which also get repaid to be given to others in other loans. Then one can understand what is better, proving employment or entrepreneurship.
Therefore, it proves that the aid given to entrepreneurship through a development support system by any public and private sector organisations have high value. It generates more jobs. It is less costly than providing employment as employment has its own costs and difficulties. The entrepreneurship is a culture the seed of which should be sown in the people when they are young.
The responsibility of the government organisations is to support and encourage entrepreneurship. For example, the Ministry of Health can encourage youths to establish clinics and private pharmacies and give them some work.
Similarly, the Ministry of Education and other such government organisations can also work in such a way which encourages youth to work in some of their areas to help the new generation to opt for entrepreneurships.
The role of the financial institutions is redefined based on changing economy. They have to finance new products which meet the requirements of the economy.
We hope that the youth of our country would be encouraged to opt for entrepreneurship and reap benefits. They would get all support and facilities by the concerned organisations.