Vision 2040: Oman’s private sector must be driving economy

Muscat: One of the visions of Oman Vision 2040 is to enable the private sector drive a competitive economy that is integrated with the world economy.

Its goals include a competitive business environment that attracts investments, in which the government assumes a regulatory role coupled with successful, efficient and seamless management, flexible and facilitated financing patterns that keep pace with global developments and fulfil investment needs, an enabled and competitive private sector that leads the economy and observes both economic and social dimensions, partnership and integration between SMEs, embraced by large corporations, active partnership between the government and the private sector, improving production efficiency, diversified imports and exports in terms of goods and geographical aspects that maximize the ability to capitalize on the Sultanate’s global status and geographical location and a unique economic identity that integrates with the global production and service chains.

It seeks balanced partnership and an effective regulatory role for the government to achieve a balanced and sustainable partnership with integrated roles between stakeholders from the government, private sector, civil society and individuals to ensure effective institutional performance, effective regulatory framework that motivates the work of civil society institutions and a governance framework that regulates privatization of projects and public services.

Qais al Yousuf, chairman of Oman Chamber of Commerce and Industry (OCCI), spoke about the need for ‘facilitating the work environment, defining the private sector and the government sector, labour market regulation and productivity, rapid economic decision-making.’

One of the panelists, Sriram Viswanathan, said, “Low population density is an asset to Oman, but the question is: how interested are the Omani youth in information technology? Because it is the field that’ll open the doors to the future.”

Oman Observer

To get free breaking news and updates from Oman Observer, WhatsApp your name and email to 96473232. is now on Telegram. Join our channel in your Telegram and stay updated

observer has 8441 posts and counting.See all posts by observer