DIVERSIFY DRIVE: EXPORTS KEY TO OMAN’S NON-OIL FUTURE

Oman is expected to become self-reliant in many fields and a key provider of goods in the world

Oman’s economic expansion in 2019 could see the country export more and import less than it currently does, say financial experts and advisors.

Government data shows that the country’s exports have steadily increased in the past four years, while imports have decreased over the same time period, and as the Sultanate sets up more and more industries across several fields of expansion, in an attempt to move away from oil and gas-based sources of revenue and increase its income from other sources, Oman will become more self-reliant and turn into a key provider of goods and services required by other countries in the immediate and wider region.

A major part of this expansion has been highlighted under the Tanfeedh initiative for economic diversification, which has targeted five key areas of development, namely tourism, agriculture and fisheries, transportation and logistics, mining and energy, and manufacturing. Ahmed Al Hooti, Chairman of the Economic Studies Committee at the Oman Chamber of Commerce and Industry, says this will help increase exports from and decrease the costs of imports to the country.

“Oman has seen a slight increase in the five sectors of mining, manufacturing, agriculture, fisheries, and tourism,” he told Times of Oman. “The pace of this increase might be because of the economic conditions and the general pace of Oman’s economy, as well as how these diversification policies are helping.”