National programme for economic diversification 'Tanwea'a' launched in Oman

Oman Thursday 18/August/2022 07:30 AM
By: Times News Service
National programme for economic diversification 'Tanwea'a' launched in Oman
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Muscat: Acting in cooperation with Oman 2040 Follow-up Unit, the Ministry of Economy has launched a national diversification programme called ‘Tanweea’ (diversification), a flagship component of the 10th Five Year Plan (2021-2025).

Dr. Said Mohammed Al Mahrooqi, Minister of Economy, said, “Tanweea comprises a set of policies aimed to speed up the rate of economic diversification in the Sultanate of Oman.”

The programme seeks to enhance frontline and rear-line connections among economic sectors, with a view to expanding the base of production and export and empower economic sectors that contribute to non-oil revenues.

Dr. Said told Oman News Agency (ONA) that the programme operates along two tracks—a planning track and an executive track.

“The planning track focuses on shaping initiatives, studies and research, conducts financial and economic analyses and develops a risk management system.

“The executive track operates in connection with establishments dealing with specific diversification sectors: mining, transport, logistics, foodstuff and tourism,” he elaborated.

The minister said he expects the programme to come up with plenary economic diversification policies, incentive packages and the development of detailed national indicators that will bring about a transformation in the overall vision.

Eng. Mohammed Hamad Al Hashmi, Executive Manager of Tanweea, said the programme seeks to achieve target percentages in the sectors of mining, tourism, converting industries, transport, logistics and food security. It also harmonises all strategies and national goals of the 10th Five Year Plan and Oman Vision 2040.

- With ONA inputs