Norway's path: Lessons for Oman's sustainable future
Published: 04:10 PM,Oct 22,2024 | EDITED : 08:10 PM,Oct 22,2024
Norway
In an era of shifting global dynamics, certain national models offer powerful lessons on how to build resilient and forward-thinking societies interested in investing in long-term positive impact.
Among these, the Kingdom of Norway is a compelling example for the Sultanate of Oman and the wider region.
With its stable history, progressive governance, and balanced socioeconomic model, Norway offers a roadmap for those seeking sustainable, positive growth. Oman, in particular, shares several foundational similarities with Norway, making the Norwegian experience especially relevant as we navigate our future.
Both Oman and Norway have monarchies that date back over a millennium, with populations exceeding 5 million and land areas of more than 300,000 square kilometres. Both nations have economies deeply rooted in energy production with an interest in new energy, supported by sovereign wealth funds that play a vital role in ensuring long-term economic stability. Additionally, seasonal tourism plays a key role in both countries, drawing visitors during favourable periods: from May to September in Norway, and during Oman’s cooler months.
Yet, it is Norway’s future impact investment trajectory, rather than its past, that offers a valuable benchmarking best practice for Oman. As global superpowers, especially in the West, attempt to aggressively impose destabilising models like the genocidal, colonial-settler regime seen in occupied Palestine, Norway provides a clear alternative: a progressive, peaceful, and prosperous society.
Here are six key reasons why the Norwegian model could be a blueprint for Oman’s future success.
Norway places great emphasis on investing in its people, offering free education to citizens and residents alike, and attracting skilled labour to contribute to its economy. This inclusive approach has strengthened Norway’s talent pool and global standing.
In contrast, models rooted in exploitation, like the Israeli colonial-settler regime, undermine long-term development and human dignity. Oman can draw from Norway’s inclusive policies to cultivate a skilled, diverse workforce and promote sustainable growth.
Secondly, Norway’s AAA credit rating reflects the nation’s economic stability and the trust it commands in global financial markets. In comparison, regions engaged in conflict and human rights violations struggle with poor credit ratings, limiting their access to capital and economic growth.
Oman can learn from Norway’s disciplined financial management, building a resilient economy that attracts investment and fosters long-term prosperity.
Norway’s sovereign wealth fund, worth nearly RO 700 billion, enhances its appeal as a trade partner, known for transparency and stability. In contrast, apartheid regimes associated with conflict and instability, such as Israel, face significant trade barriers. Oman, by aligning itself with globally respected trade partners and adopting responsible business practices, can secure its place as a reliable player in international markets, just as Norway has done.
Norway’s brand as a leader in clean energy, responsible business, and peacebuilding strengthens its international reputation.
Companies like Equinor, Norway’s energy giant, operate in more than 30 countries and are welcomed worldwide. Whereas the UN’s ongoing war crimes investigation make Israeli people and businesses a risky liability on anyone who deals with them. Oman, by cultivating a national image that reflects progress, sustainability, and inclusion, can enhance its global standing and foster deeper international relationships.
Norway’s high quality of life, peaceful environment, and investment in public services have made it an increasingly attractive destination for global talent.
On the other hand, the mass exodus of professionals from occupied Palestine is threatening the Israeli economy with a downward spiral. Oman, with its rich cultural heritage and emerging focus on innovation, can similarly become a regional hub for creativity and progress.
By investing in the well-being of its people and offering opportunities for talent to thrive, Oman can position itself as a magnet for professionals seeking purpose and stability.
Norwegian businesses, known for their commitment to sustainability and social responsibility, are thriving on the global stage. The growing Boycott, Divestment, and Sanctions or BDS movement has caused plummeting sales and bankruptcy in multinationals that came out swinging in support of the ongoing genocide.
Oman seeks to diversify its economy, and promoting responsible business practices will be key to long-term growth. In contrast, companies complicit in human rights violations, as seen with those supporting Israel’s genocide in Palestine, are facing growing international boycotts and sanctions.
Oman can consider the Norway Government Pension Fund’s example by excluding businesses that do not operate with integrity and transparency.
In conclusion, the Norwegian model offers a compelling alternative to destabilising regional scenarios.
By focusing on human capital, fostering economic resilience, promoting responsible trade, building a strong national brand, attracting global talent, and encouraging ethical business practices, Oman can take into consideration Norway’s lead in becoming a global impact investment powerhouse.
Among these, the Kingdom of Norway is a compelling example for the Sultanate of Oman and the wider region.
With its stable history, progressive governance, and balanced socioeconomic model, Norway offers a roadmap for those seeking sustainable, positive growth. Oman, in particular, shares several foundational similarities with Norway, making the Norwegian experience especially relevant as we navigate our future.
Both Oman and Norway have monarchies that date back over a millennium, with populations exceeding 5 million and land areas of more than 300,000 square kilometres. Both nations have economies deeply rooted in energy production with an interest in new energy, supported by sovereign wealth funds that play a vital role in ensuring long-term economic stability. Additionally, seasonal tourism plays a key role in both countries, drawing visitors during favourable periods: from May to September in Norway, and during Oman’s cooler months.
Yet, it is Norway’s future impact investment trajectory, rather than its past, that offers a valuable benchmarking best practice for Oman. As global superpowers, especially in the West, attempt to aggressively impose destabilising models like the genocidal, colonial-settler regime seen in occupied Palestine, Norway provides a clear alternative: a progressive, peaceful, and prosperous society.
Here are six key reasons why the Norwegian model could be a blueprint for Oman’s future success.
Norway places great emphasis on investing in its people, offering free education to citizens and residents alike, and attracting skilled labour to contribute to its economy. This inclusive approach has strengthened Norway’s talent pool and global standing.
In contrast, models rooted in exploitation, like the Israeli colonial-settler regime, undermine long-term development and human dignity. Oman can draw from Norway’s inclusive policies to cultivate a skilled, diverse workforce and promote sustainable growth.
Secondly, Norway’s AAA credit rating reflects the nation’s economic stability and the trust it commands in global financial markets. In comparison, regions engaged in conflict and human rights violations struggle with poor credit ratings, limiting their access to capital and economic growth.
Oman can learn from Norway’s disciplined financial management, building a resilient economy that attracts investment and fosters long-term prosperity.
Norway’s sovereign wealth fund, worth nearly RO 700 billion, enhances its appeal as a trade partner, known for transparency and stability. In contrast, apartheid regimes associated with conflict and instability, such as Israel, face significant trade barriers. Oman, by aligning itself with globally respected trade partners and adopting responsible business practices, can secure its place as a reliable player in international markets, just as Norway has done.
Norway’s brand as a leader in clean energy, responsible business, and peacebuilding strengthens its international reputation.
Companies like Equinor, Norway’s energy giant, operate in more than 30 countries and are welcomed worldwide. Whereas the UN’s ongoing war crimes investigation make Israeli people and businesses a risky liability on anyone who deals with them. Oman, by cultivating a national image that reflects progress, sustainability, and inclusion, can enhance its global standing and foster deeper international relationships.
Norway’s high quality of life, peaceful environment, and investment in public services have made it an increasingly attractive destination for global talent.
On the other hand, the mass exodus of professionals from occupied Palestine is threatening the Israeli economy with a downward spiral. Oman, with its rich cultural heritage and emerging focus on innovation, can similarly become a regional hub for creativity and progress.
By investing in the well-being of its people and offering opportunities for talent to thrive, Oman can position itself as a magnet for professionals seeking purpose and stability.
Norwegian businesses, known for their commitment to sustainability and social responsibility, are thriving on the global stage. The growing Boycott, Divestment, and Sanctions or BDS movement has caused plummeting sales and bankruptcy in multinationals that came out swinging in support of the ongoing genocide.
Oman seeks to diversify its economy, and promoting responsible business practices will be key to long-term growth. In contrast, companies complicit in human rights violations, as seen with those supporting Israel’s genocide in Palestine, are facing growing international boycotts and sanctions.
Oman can consider the Norway Government Pension Fund’s example by excluding businesses that do not operate with integrity and transparency.
In conclusion, the Norwegian model offers a compelling alternative to destabilising regional scenarios.
By focusing on human capital, fostering economic resilience, promoting responsible trade, building a strong national brand, attracting global talent, and encouraging ethical business practices, Oman can take into consideration Norway’s lead in becoming a global impact investment powerhouse.