His Majesty’s thoughts on investment

Haider al lawati –
haiderdawood@hotmail.com –

The Sultanate of Oman reiterates the importance of setting up the right climate to attract domestic and foreign investments in light of potentials and natural resources it enjoys in the various sectors of the economy.
This policy requires moving forward with further implementation of projects of interest to the overall development process across Oman. It also requires directing and urging financial and banking institutions in the country on the need to provide more credit for these projects and pay attention to savings to acquire the funds necessary to implement these projects.
Recently, His Majesty Sultan Qaboos bin Said reiterated the need to grant more attention to the issues of domestic and foreign investments at the meeting with the Council of Ministers to the members of government institutions and concerned authorities.
HM laid stress on this topic to enable all investors and businessmen to implement and complete projects and initiatives in a timely manner, without going through complexities and bureaucracy that some try to exercise, hindering such projects without appreciating the negative consequences of these personal practices.
Accordingly, initiative was taken to establish the National Program for Promoting Economic Diversification known as “Tanfeedh” two years ago to contribute in this respect and develop a new policy that keeps pace with achievements made in many countries that lack many of the economic components enjoyed by the Sultanate.
The goals of this program include following up investment issues, facilitating procedures and supervising and following up on government institutions who are lagging behind in the implementation of the decisions related to the functioning of government projects, and those that follow the private sector, along with decision speed so as not to delay the implementation beyond the set deadlines.
Tanfeedh was assigned the task of making decisions in a timely manner to avoid discouraging internal and external investments.
This proves that this unit plays a pivotal role in following up institutions that are lagging behind to ensure their compliance in implementing the instructions, as well as ensuring the full coordination between all stakeholders in the implementation of projects of interest to domestic and external investment that ultimately provide more job opportunities for Omanis in the future.
All efforts exerted by the concerned authorities need to reinforced with encouraging all non-oil production sectors to make their mark in the national economy and increase their contribution to the national income to provide employment and training opportunities for Omanis in the various productive sectors.
Since the dawn of the Blessed Renaissance, the national economy has been focusing on achieving sequential positive development ratios, without depending on a particular sector or Governorate in the development plans.
All these projects can use the equal support of a civilized system and development, inclusive of all the economic, financial, monetary and social sectors without exception.
Accordingly, stress is laid on the need to sensitize all parties concerned with the importance of finalizing transactions in a timely manner, promoting economic diversification and enhancing non-hydrocarbon sources of national income.
These principles have been adhered to by the Sultanate since the mid-1970s when the first Development Council was formed in 1974 under the chairmanship of His Majesty the Sultan, with plans and projects built on non-depletable sources.
Hence comes the call for all state institutions and sectors to speed up the economic development process, harness all efforts to improve business conditions, set up an attractive climate for various investment opportunities that have major benefit to the country in the future, create strong partnership with the private sector as the right arm of achieving Sustainable Development Goals, combine efforts to overcome obstacles facing this partnership and seek to establish a robust and consistent economy ready to face any challenges and obstacles standing in the way of upcoming projects.
Meanwhile, the new foreign investment law is expected to see the light this year, as it is currently in the final stages of the legislative cycle.
These future developments will accelerate the allocation process of state-owned enterprises, enhance business updates, facilitate visa requirements for investors which will contribute in increasing the volume of new investments in industrial and economic areas in the Sultanate.