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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Private sector to have major role in 10th Plan

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MUSCAT, MARCH 2 - The participation of private sector in 10th Five-Year Plan is one of the key pillars of the economic development in Oman. This was discussed in detail on Monday at a workshop organised by the General Secretariat of the Supreme Council of Planning (SCP), and participated by more than 70 organisations representing government and private sector.


The 10th Five-Year Plan is the first executive plan under Oman Vision 2040, which covers 12 priorities under the four themes — a society of creative individuals, a competitive economy, environmental and natural resources in addition a state with responsible apparatus.


The two-day workshop organised with participation of relevant stakeholders included a brainstorming session to analyse the challenges facing the accomplishment of every objective of Oman of the Vision 2040.


Developed in line with the Royal directives of late His Majesty Sultan Qaboos, the Vision 2040 is a guide and key reference for planning activities in the next two decades.


In his recent address to the nation, His Majesty Sultan Haitham bin Tarik focused on the Vision, and its expected contribution in devising the country’s economic, social and cultural goals, “in a manner that embodies a clear-cut vision and great expectation towards a more prosperous future”.


The Vision 2040 garnered wide community participation. The vision committees consisted of representatives of the government, the private sector, civil society organisations and citizens — in addition to experts, scholars and specialists.


The vision attaches great importance to governance and its related topics, given that it influences all national priorities in terms of enforcing oversight, ensuring the effective use of national resources, honouring principles of integrity, justice, transparency, and accountability; so as to boost confidence in the national economy and promote competitiveness across all sectors under the rule of law.


And the strategy in the vision is based on inputs from Omani individuals, businesses and stakeholders representing all facets of Omani society.


While foreseeing the future progress and development aligned with an ambitious work system, its blueprint, which was unveiled last year, targets a number of economic indicators including a commitment to raise real GDP per capita by 90 per cent and real GDP growth by five per cent annually during the next 20 years.


It also targets to enhance contribution of Foreign Direct Investment (FDI) to GDP by 10 per cent. Furthermore, it envisions the share of no-oil activities to grow to more than 90 per cent of GDP, as well as a 40 per cent contribution to job creation by the private sector.


The vision also foresees a society with flexible yet strong agencies, all-encompassing governance, effective supervision, swift justice, efficient performance, and active and ever renewing media, aided by an empowered civil society that participates in all aspects of life, towards higher levels of human development.


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