Proposal on setting up free zones, draft Budget discussed
MUSCAT: The State Council Bureau on Wednesday discussed the proposal on establishment of free zones and decides to transfer the draft State Budget for the fiscal year 2018 to the expanded committee.
State Council’s first Bureau meeting of the third term held under the chairmanship of Dr Yahya bin Mahfoudh al Mantheri, Chairman of the Council saw Bureau members and the Secretary General of the Council attending the meet.
The Bureau decided to transfer the draft State’s Budget for the fiscal year 2018 to the expanded committee composed of the Economic Committee members and the heads of the Standing Committees of the Council. The draft was received from Majlis Ash’shura with its recommendations in accordance with the Basic Statutes of the State.
The meeting discussed the proposal of the Economic Committee on the establishment of free zones in Buraimi and Musandam.
The Bureau hosted Shaikh Mohammed bin Abdullah Al Harthy, Head of the Economic Committee and Rahma Hamed Mohamed Al Mashrafi, Rapporteur of the Committee to discuss the proposal, which aims to attract to attract foreign and domestic capital by attracting investors.
The objective being increasing the state’s revenues from foreign currency, creating job opportunities, to reduce the number of researchers working, and attracting scientific and technical expertise, which will generate skilled and qualified human capital.
This will activate the movement of exports of local goods, leading to the development of the industrial sector in the country, and the revitalization of financial institutions, banking and insurance companies and the transport sector, telecommunications and construction sector, and infrastructure development within the economic zone.
The aim is tourism sector also to boost the by attracting trade and industrial delegations, to reduce the role of the public sector in the economy and allow the private sector to play a greater role in economic life. It also aims to stay aligned with global developments in terms of expansion of free trade, which aims in achieving economic development in the state.
Regarding this, the Bureau decided to present the proposal at the Council’s Regular session after appending the observations of the office.
The Bureau reviewed the letter from the Council of Ministers regarding the Council’s proposal on “raising awareness of the importance of early medical examination”.
The Council of Ministers praised the views and ideas documented in the report that contributes to the community’s awareness regarding the importance of early medical examination and its role in disease prevention, in addition to adding to the positive impact on the lives of families and future generations.