Oman’s public-private partnership crucial for economic development

Oman Monday 11/April/2022 20:40 PM
By: Times News Service
Oman’s public-private partnership crucial for economic development
Qais Al Yousef, the Minister of Commerce, Industry and Investment Promotion. - Times file picture

Muscat: Oman’s private sector – including businessmen and overseas investors – has a key role in job creation and stimulating economic growth alongside initiatives taken by the public sector, said Qais Al Yousef, the Minister of Commerce, Industry and Investment Promotion (MOCIIP).

“We urge the establishment of partnerships that contribute to increasing the volume of trade with our friendly countries as well as joint investments,” said Al Yousef, during a press conference organised by the Ministry of Commerce, Industry and Investment Promotion.
“It is our responsibility, first of all, to take care of and support young Omani people in cooperation with the SME Development Authority and other concerned organisations,” he added.

With the ministry having launched several investment opportunities across the industrial sector in collaboration with several government agencies, the minister urged the private sector to make use of these opportunities to develop business, create new partnerships and gain knowledge and experience to support the sectors associated with economic diversification.

“Over the past two years, we have passed through the most difficult and challenging phase and we must now build on what we have achieved and seize the opportunities that come our way,” he added.

“Strengthening our partnership with the private sector is a goal that we keep in mind,” said Al Yousef.

“We believe that the private sector, businessmen and local and foreign investors across various sectors, have a major and pivotal role in stimulating economic growth and providing job opportunities for young people, both today and in future.”

With Oman launching its investor residency programme, the minister explained that this would be developed in the coming months so that organisations in the country can learn from the international experiences of investors and attract quality investments.

“The national output has a share in everything we seek to achieve,” he explained. “Do not forget that supporting national products locally and focusing on national industries and opening new markets for export are other gains for the national economy, and for the private sector in particular.”

The minister added: “Integrated initiatives have been set up to consider strengthening the presence of our national products, both locally and internationally. Within the same framework, and to take into account the complementarity of efforts and goals, the ministry has put in place initiatives to improve and develop stands and specifications to encourage the privatisation of some related services.