The Sultanate of Oman recently celebrated the Renewed Renaissance Day on the occasion of the fifth anniversary of His Majesty Sultan Haitham’s assumption of power in the country. During the past five years, His Majesty issued many decrees and decisions to enhance the areas of economic development in the country and worked to restructure the state’s administrative apparatus.
The country issued many laws and legislations related to economic development, economic diversification and social fields by launching the social protection system to expand the base of beneficiaries from various categories.
The date of the country’s National Day was also changed to November 20 of the same year to coincide with the reign of the great founder, Imam Ahmed bin Said Al Busaidi in 1744 AD, so that the state’s achievements and what was achieved during the reign of the previous Sultans continue until this day.
During these few years, many achievements have been added to the renewed renaissance, including moving away from central decisions and working with a decentralized system, especially in the economic fields and enhancing economic diversification.
Oman enjoys the presence of many natural resources that each Omani state enjoys, and delegating powers to the governorates to exploit everything that brings good to the country, and enabling Omanis to work in those governorates and in various possible fields.
In his royal speech, His Majesty the Sultan stressed the need to develop the investment and commercial environment in the country, which is a basic necessity to drive the wheel of development, explaining that His Majesty has directed the government to provide more necessary facilities, competitive incentives and a supportive environment for investment to facilitate the practice of business to ensure the diversification of the national economy and achieve sustainable growth.
Everyone knows that the issue of diversifying economic resources is linked to the work and employment of national cadres, as there are still many Omanis waiting their turn to get suitable jobs in the presence of thousands of university and institute graduates who are waiting their turn to get an affiliated job opportunity.
This is what His Majesty the Sultan indicated that economic diversification will work to provide more job opportunities in various economic and service sectors, making the country an attractive investment destination and more integrated into the global economic system.
From this standpoint, the government seeks to achieve this integration, and exploit its potential represented in the presence of a wide network of ports, free zones in enhancing job opportunities for Omanis first.
The economic importance of the Sultanate of Oman and its policies to achieve economic diversification is due to the presence of many factors, the first of which is the country’s important geographical location and its supervision of the Strait of Hormuz, which is one of the most important sea lanes in the world for exporting oil and gas. It is a strategic point for maritime trade between Europe, Asia and various countries of the world.
The government is also working to encourage foreign direct investment by providing facilities and incentives to investors, and opening the Omani market to foreign companies, especially with institutions that have close trade relations with many countries, which will enhance their economic role.
There is no doubt that the next phase will witness the Sultanate exploiting its wealth and economic resources and benefiting from its important oil and gas reserves in diversifying the economy which will help reduce dependence on oil.
Oman Observer is now on the WhatsApp channel. Click here
