Oman targets 3% growth in 2016-20 five-year plan
The ninth five-year plan was prepared in the aftermath of fluctuating oil prices and will focus on further diversification to develop non-oil sectors in Oman
MUSCAT: Oman’s Ninth FiveYear Plan aims at achieving an average annual economic growth of 3 per cent per annum between 2016 and 2020, according to a toplevel government official.
The five-year plan was prepared in the aftermath of fluctuating crude oil prices, said Sultan bin Salim Al Habsi, secretary general of Supreme Council for Planning.
Al Habsi, while addressing the fifth Oman Economic Forum, said the priority areas for development during the plan period include tourism, mining, aquaculture, logistics and transport. The plan will focus on further diversification to develop non-oil sectors and strengthen partnership between public and private sectors.
Another major objective of the five-year plan is to create a pool of qualified Omani workforce and encourage entrepreneurship among youths.
Focus will also be on social development, including education, training and employment. been launched in the easy invest portal. Also, a separate section has been created for clearing investment projects exceeding OMR10 million. The Royal Oman Police also introduced a single window for customs clearance for foreign trade.
Further, the Ministry of Commerceand Industry in cooperation with the World Bank, has prepared a foreign investment law, which is in the final stage, noted Dr Al Sunaidi. non-oil sector has shown a 4.7 per cent growth in 2015. He said since Oman is part of GCC and Arab free trade zone, the country has a lot of potential for strengthening exports. The Sultanate, which has three major ports, will be able to take advantage of China’s plans to redevelop the silk route.
The fifth edition of Oman Economic Forum at Shangri-La Barr Al Jissah Resort & Spa was held with the theme ‘Oman: a Bridge between Asia and GCC.’
The forum was organised by the Ministry of Commerce and Industry, in conjunction with Al IktissadWal-Aamal Group, the State General Reserve Fund, Central Bank of Oman and Oman Chamber of Commerce and Industry.
The forum discussed several topics including Oman’s economic outlook, the Sultanate’s role as a bridge between Asia and the GCC, the key investment opportunities in the Sultanate, the investment prospects in Iran, the main factors attracting investments and the enhancement of entrepreneurship through SMEs.
Eng. Mohammad Reza Nematzadeh, Iranian minister of industry, mines and trade; Qian Keming, vice minister of commerce, China and Miki Yamada, Japanese parliamentary vice-minister for foreign affairs also addressed the gathering.