The recent Royal Decrees will play pivotal role in strengthening the economy of the country by giving a new impetus to the local and foreign investments. The move is in line with the policy of economic diversification aimed at strengthening the sources of non-oil income and non-oil exports of the Sultanate.
These royal decrees will also boost new partnerships between the public and private This vision and approach of His Majesty Sultan Qaboos has created a sense of satisfaction and confidence everywhere. These decrees have direct positive implications on the economic and developmental sectors.
The interest shown by the supreme leadership of the country in developing frameworks and legislations is valuable. Now it is our responsibility to implement them on ground as they are very important for the country, its people and their future. These Royal Decrees will enable the Sultanate to attract more foreign investments. Now the conducive environment has been created for the economic activity.
Undoubtedly, the recent Royal Decrees show the keen interest of the top leadership in the economic affairs as they are the lifelines for the development of the country. They also open new horizons for investments in various others areas for diversification of the economy to increase the role of non-petroleum sector in the gross domestic product.
The interest of His Majesty the Sultan, in the economic affairs is evident in the process of making frameworks and legislations to boost investment and take economy to new heights. It shows the resolve of the government to expedite the steps towards economic transformation of the country to match with the requirements of future at various levels. This is the need of the country and the society as there are many changes sweeping the economies of the world. These decrees also encourage to revitalise the non-oil resources and opportunities available in the country. These rules and regulations as well as the steps taken by the government should re-engineer the resources of the state to match with the local, regional and international developments.
Revisiting the older laws which regulate investments, privatisation and partnership, referring them to the Council of Oman and preparing them with the help of the authorities concerned with the economic and legal affairs so as to match with the expectations to increase the economic activity in the country is required. This is also important for increased investments and attracting more capital as well as enhanced business and commercial activities. All these efforts and steps would set a new track for economic work and strengthen environment for investments in the Sultanate in view of the Vision 2040. The decision to set up an authority for privatisation and partnership would help in reviewing the relationship between the public and private sector on more powerful foundations.
These laws will remain a framework for regulating economic work in a more attractive and flexible manner. But they should have executive regulations keeping in view the latest methods to deal with economic issues and investors. Without this, entire exercise would be futile.
We are hopeful that these legislations will attract investments. We must move forward to implement them on ground and open wider horizons for all those who want to invest in the Sultanate.
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