MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) yesterday, November 5, 2023, unveiled its strategies connected to Vision 2040.
Addressing the audience, OCCI Chairman Faisal bin Abdullah al Rawas highlighted the importance of the partnership between the Chamber and the Implementation Follow-up Unit of Vision 2040, the executive entity of the vision.
According to Al Rawas, the Chamber is responsible for supporting and executing a total of 30 programs linked to Vision 2040.
Al Rawas introduced the Chamber's six strategic directions, which align with the objectives of Oman Vision 2040. Half of these directions are related to the private sector, while the other half pertain to the Chamber's own roles and responsibilities.
The first three objectives include improving the business environment in Oman, partnership in the economic development of governorates, and expanding the economic diversification base.
In regards to improving the business environment in the country, Al Rawas shared that the Chamber regularly conducts workshops and events with stakeholders to improve the entrepreneurial climate. This is in addition to constantly promoting Oman as an investment hub, and commissioning a study to assess Oman's competitiveness rate.
The Chairman also highlighted the importance of partnering with local governors to boost the local economy of each governorate in the Sultanate of Oman.
“The Chamber of Commerce and Industry in Oman aims to integrate with the governor's offices so that all economically relevant activities are conducted in partnership with the Governorate Council... Work teams will be formed between the Chamber and the governor's offices to market each governorate according to its relative advantage and available resources,” shared Al Rawas.
He added that the Chamber allocates a grant worth RO 5000 to each governorate to conduct feasibility studies for establishing civil or development-oriented companies in various governorates.
In terms of economic diversification, Al Rawas highlighted the importance of this pathway.
“Expanding the base of economic diversification is the most important concern in government circles as well as the private sector. We view it as the solution that will achieve economic growth, create more jobs, and that's why this axis is very important for us.” According to him, the pathway will focus on attracting venture capital in the information and communication sector, in addition to empowering both hydrocarbon and non-hydrocarbon sectors.
The pathway, he said, aims to empower the hydrocarbon sector in Oman to expand from upstream services, to downstream services, allowing it to achieve “greater returns” and create value addition.
Additionally, he pointed out that the Chamber is currently partnering with relevant authorities to propose packages and incentives to boost the local economy and attract foreign investments.
The other three pathways, pertaining to the Chamber, include governance, digital transformation, and the improvement of the working environment.
The event also included the signing of a joint memorandum of understanding between the Chamber of Commerce and Industry and the Oman Vision 2040 Implementation Follow-up Unit with the aim of increasing private sector participation objectives and activities of the Vision.
Officials also announced that the Chamber will soon include an office of the Implementation Follow-up Unit in its headquarters.
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