Moving Oman towards a more sustainable path of development

The aspirations in Vision 2040 are the result of a nation-wide consultation process. It reflects the collective understanding, aspirations and determination of Omanis. We, therefore, call upon all Omanis to take up the challenge as set out in this Vision 2040 to enable the country to realise its full potential.

To achieve the aspirations in Vision 2040, we need to have the right attitudes and mind-sets, particularly towards work, improving our competitiveness, and collective participation in this implementation. In the face of economic challenges and geopolitical shifts, Vision 2040 has become essential for Oman to move towards a more sustainable path of development. This is based on various engines of growth that can capitalize on the degree of readiness in all aspects of development.

In the financial sector, Vision 2040 encourages channelling the savings from consumption to production and SMEs to enable growth in the private sector and enable better opportunities in equipment capital with reasonable cost and guarantees. It aims to open the sector to international banks and investment institutions which enable alternative financial services and creativity in attracting foreign investment.

By redefining relationships between state, business and society where state will focus on providing a good business environment will gradually help the private sector to flourish in all potential sectors. Society needs to be aware of the challenges and changes their mindset to be more productive, work in private sector, moves towards saving, investment behaviours, limiting the waste usages of energy, water and foods. There needs to be active roles for NGOs.
In Vision 2040 we need to move the ministries and the government as a whole to set the right policies, and for the growth engines to start working, and for the people to develop a new mindset. It will not be easy.

There are many important principles and processes in the Vision 2040 formulation. They include identifying the national present situation and priorities to build a framework for action, set priorities for investment and initiate legal and institutional reform in a context of limited available funds.

Dr Yousuf Hamed Al Balushi
Economist at Smart Investment Gateway
yousufh@omaninvestgateway.com

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