Open up to foreign investment, Malaysian ex-PM advises Oman

MUSCAT: Oman’s natural resources must be developed through a strong work ethic, Malaysia’s former prime minister said in a speech on Tuesday.

The Oman Chamber of Commerce hosted Dr. Mahathir Mohamad, the former PM of Malaysia, during the third Duqm Society and Economy Forum on Tuesday, held under the patronage of His Highness Sayyid As’aad bin Tariq Al Said.

At the forum, the former PM spoke on investment opportunities and a diversification vision for Oman, especially in the tourism, logistics and industrial sectors.

The former PM emphasised the need for the country to open up to foreign investment, much like Malaysia. “With Malaysia’s limited experience in manufacturing, we decided not to be too patriotic and instead opened doors to foreign companies. Foreign companies came with their technology, as well as capital, which has helped develop the skills of citizens,” Mohammed said. He also explored a strat- egy for Oman to implement that would make use of the country’s natural resources.

Beautiful rock and beach

“Oman does not have large agricultural land like Malaysia, but it has very beautiful rock and beach areas that are far superior to ours (Malaysia). Malaysia is not an attractive tourist destination, but in Oman you have many palaces and castles.”

“Initially, the Sultanate of Oman must determine the assets and wealth it possesses, such as security, history, land and tourism. You have to market your country and create a landmark brand, and you must teach your people how to maintain this standard, and how to retain the quality image,” he stressed.