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His Majesty's economic diversification, modernisation plans commended by French magazine

Oman Thursday 08/October/2020 19:28 PM
By: ONA
His Majesty's economic diversification, modernisation plans commended by French magazine

Muscat: French magazine Les clés du Moyen-Orient has said that economic diversification and modernisation get top priority in the policy of His Majesty Sultan Haitham Bin Tarik.

The magazine underscored His Majesty the Sultan’s keenness to pursue the landmark programme Oman Vision 2040 and his government’s quest to diversify sources of the income away from oil exports, namely through the contribution of non-oil sectors like industrialization, logistics and tourism. 


 The magazine pointed out, though radical change occurred in economic conditions in 2020 due to coronavirus (Covid-19) pandemic and the slump in oil prices would lead to the adaptation of the government’s strategy, economic diversification remains a priority. 

 The report observed that the government’s policy enhanced measures to curb the spread of the virus, but the impact of the virus has been evident in economic growth in the Sultanate and other countries in the world. 

It observed that tourism, retail and construction have been among the most stricken sectors. 

The magazine lauded the government’s procedures to alleviate the impact of the pandemic on business segments, including the suspension of municipal taxes, government fees, industrial estate’s lease payments, port fees and cargo fares. This is in addition to the postponement of loans dues by Oman Development Bank and the Small and Medium Industries’ Support Fund, said the magazine. 

It also stressed that the Sultanate’s economy has been impacted by the sharp decline in volume of global trade, since the Sultanate is considered a logistics centre between the East and the West, said the magazine.