MUSCAT: The contribution of Oman’s digital economy is poised to more than double to around 5 per cent of the GDP by 2030, up from around 2 per cent presently, according to a key official of the Ministry of Transport, Communications and Information Technology (MTCIT).
Dr Nasser bin Mohammed Al Fannah, Director of the Technical Programs Office at the Ministry, said the Sultanate of Oman seeks to harness an array of innovative technologies – spanning digital transformation, digital industry, fintech, artificial intelligence, and emerging technologies – to achieve this target.
“Oman will rely heavily on the benefits of all key innovative technologies, not least the efficiencies and insights that come through the application of AI and new technologies, whose impact will transform nearly every business industry, government service and civil society organization,” Al Fannah said. “The areas of focus in technologies for now and the near future constitute some of the executive programs that fall under the umbrella of the National Program for the Digital Economy.”
Through the National Program for the Digital Economy, the government aims to increase the contribution of the digital economy to 3% by 2025, 5% by 2030, and 10% by 2040, Dr Al Fannah stated.
Ambitious targets
Also by 2040, Oman is projected to be in the top tier of nations across a number of global indicators for innovation, entrepreneurship and competitiveness. “We aim for Oman to be a top 20 Global Innovation country by 2040, a top 10 country in the Global Competitive Index, and a global tech and SME hub. Key to achieving this will be to empower and unlock the potential of our digital native youth,” the official said.
Accordingly, youth employment generation is a key policy priority for Oman, the official stressed. “We want to show them that there are many different career paths to consider. There is a trend recently, to encourage young people to engage in self-employment, or what is known as ‘freelance’.”
In support of this objective, Oman aims to harness the wealth of talent among its youth population to drive the growth of homegrown technologies and tech startups, said Dr Al Fannah.
“We have great entrepreneurs in the digital sphere, and they have signposted the way to greater digital excellence, enabling us to mirror the strategies and tactics that will work for our economy and society,” the official noted.
“We want to grow technologies at home and compete more assertively regionally and on the global stage. From a demographic perspective Oman has many young digitally connected people, and we are working to harness these capabilities for the benefit of the sector, and to create more job opportunities and youth economic empowerment.”
Auguring well for the strong growth of a digital economy are the sizable investments made in previous years in mobile and broadband infrastructure. The country now enjoys high mobile penetration rates and internet and coverage speeds, driven by Oman’s 2040 Vision, he said.
The goal now is to leverage this formidable infrastructure, so that businesses can fully compete in the global economy. “We need to foster an environment where the latest technologies are accessible to young businesses, entrepreneurs and start-ups. We want to grow a creative economy, where start-ups and new technology companies can find a home. We are looking to attract outside investment, but we want to have a thriving Omani built business scene that is the reason for those investors to come, and we believe technology must be placed at the very heart,” he added in conclusion.
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