Oman Development Plan Highlights Privatization
Oman's Sixth Five-year Plan (2001-2005) targets 4.5 percent growth in the industrial sector and 11 percent in industrial exports, according to a report by Gulf News.
The paper said the new plan lays increasing emphasis on privatization, free trade zones, productivity, foreign investment and human resource development to meet the challenges of globalization.
Maqbool bin Ali Sultan, minister of commerce and industry in Oman was quoted by the daily as saying that “the government is offering all possible incentives to the private sector,” increasing the foreign equity participation in Oman from 70 percent to 100 percent of ownership to the serious foreign companies.
He said free trade zones remained an effective tool to attract foreign investment and Salalah and Al Mazyonah have been earmaked for the purpose. He said the company which would manage the free zone in Salalah would invest $100 million in the zone.
Investment in the Industrial sector recorded a 14 percent growth to RO 777.4 million in 1999 up from RO 680 million in the previous year, Commerce and Industry Under-Secretary Ali bin Masoud al Sunaidi, said.
Al Sunaidi expected similar level of investment growth in the industry sector in the last year and this year. The Ministry registered 23 large industrial projects, with a total investment of RO 71 million in 1999 and the first half of 2000 – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)