‘We must be proud of all we have done’

Muscat:  People in Oman should be proud of the country’s economic achievements over the past couple of years despite all odds, including the COVID-19 pandemic, a top official at the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has said.

Growth in foreign investments is up by seven percent and there is more than 91 percent increase in the export of non-oil products during the pandemic, thanks to the collaboration and coordination between various economic sectors, said Asila Al Samsamiyah, the Undersecretary for Investment Promotion at MOCIIP.  

“In 2022, there has been a positive impact, despite the situation brought about by the Russia-Ukraine conflict,” she added. “We survived the impact of COVID-19 and that has actually given us great lessons in terms of how to navigate the challenges. Thanks also to our country’s leadership for its visualisation of what lies ahead, and the ways to go about them.

“We have done very well during this period: We must be very proud of all that we have done,” she said.
“When it comes to the economy, it would appear as if there have always been crises, first with the crisis around oil prices in the beginning, then with COVID-19 and now once again with the conflict,” she added.

“Oman, however, has done well because the leadership has taken decisions which were not just reactive, but proactive, to maintain economic sustainability and stability.”

Al Samsamiyah was speaking exclusively to Times of Oman on the sidelines of a press conference held recently by the ministry to review the achievements made in 2021 and also to chart out the plans for 2022 in terms of attracting investments and commercial developments.

She admitted that the COVID-19 pandemic threw up many challenges: It was an unexpected period that was hard and tough to handle, not just for Oman, but globally too.

She explained: “It’s not just Oman that was negatively impacted from an economic perspective, but we tried to overcome these challenges through decisions at different stages under the leadership of His Majesty Sultan Haitham bin Tarik, and also through different ministerial committees that took decisions on ways to maintain existing investment levels in large-scale, small and medium industries, or even investments by individuals.”

“You have seen a lot of announcements by the government such as the economic stimulus programme, which was then extended to make sure that we pave the way for investors and take away from them the burdens they are facing, so that they survive that period,” said the undersecretary.

Asila Al Samsamiyah also explained in some detail the outlook adopted by Oman when it comes to attracting foreign investors who are considered essential for the goals enumerated in Vision 2040, including creation of a diversified and sustainable economy, providing opportunities for work and enabling people to enjoy a good standard of living.

“We are trying to not just compete with others, but to learn as well,” she revealed.

“At the same time, we are trying to adapt to different situations that affect the global economy, especially when it comes to political issues that can directly impact economies.”

“While we do need to have standards, we also need to make sure we are flexible when it comes to investment,” she said. “When it comes to having an economic investment that can have strategic impact on the economy as well as create jobs, we need to make sure we are negotiable. The ultimate goal and the main aim of foreign direct investment is to make the economy more active and healthier.”

The undersecretary also shed light on collaboration between the Ministry of Commerce, Industry and Investment Promotion and other ministries in Oman, with the aim of achieving the desired objectives set under Oman Vision 2040.

“In the Ministry of Economy, our colleagues are working on developing some new incentives,” she said. “I myself am involved with the National Investment Programme that was announced last March. We are trying to also create a special investor scheme for various sectors targeted for economic diversification as defined under Vision 2040.

“We are here to enable the Ministry of Labour to achieve their targets of job creation by attracting investment,” explained Al Samsamiyah. “Oman is a great hub for future investment, has tremendous opportunities and potential in many fields.”

In terms of targets set for upcoming investment plans, she added: “We are studying the progress made last year and the one before that, and we need to review our findings. There is of course a set of key performance indicators (KPIs) when it comes to investors. So, we will look into the situation last year and the current situation and then re-evaluate and come up with an exact number that will be announced shortly.”