Oman to Launch New Economic Policy Aimed at Faster Diversification
Oman will implement a new economic policy aimed at speeding up economic diversification by the year-end, according to the Omani Center for Investment Promotion and Export Development(Ociped), a commerce ministry wing.
The move is aimed at boosting non-oil trade as the government intensifies its diversification drive to reduce dependence on petroleum resources, said the center in a statement, cited by the Gulf News.
It said the stage was set to implement a fresh strategy to promote non-oil exports.
Oil accounts for 80 percent of Oman's export revenues and 40 per cent of gross domestic product (GDP).
"The focus is on ways of lifting the level of exports from the existing manufacturing sector, creating new export-oriented industries, and introducing more favorable and conducive reforms in an era of globalization," said Ociped's statement.
The strategy report was prepared by India's Business Consulting Group.
It identifies new approaches to increase exports, develop energy-intensive projects and promote direct foreign investment in the proposed free trade zone in the southern port city of Salalah.
"The issues are complex, but we are confident the strategy will help Oman improve its balance of trade and bring renewed success to local firms and, in the process, boost the national economy," continued the statement.
The report has inputs from the ministries of commerce and industry, national economy, and agriculture and fisheries, as well as the Public Establishment for Industrial Estates and the Oman trade chamber – Albawaba.com
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