The emphasis on mega gas-based industries will lead to further economic diversification of the Omani economy, according to HE Maqbool Bin Ali Sultan, Minister of Economy and Commerce for the Sultanate of Oman.
In his opening address at MEED’s Port of Sohar, Oman – Anchoring Success conference, Sultan said: “Oman will reap the fruits of economic diversification in the form of a rise in GDP, increase in exports earnings and the creation of great numbers of direct and indirect jobs.”
The development of Port of Sohar, which plays a pivotal role in the country’s 7th Development Plan, will have benefits outside the growth of the gas-based industries, he said.
“We expect to witness the strong emergence of the IT and knowledge-based industries, the effective utilisation of the country’s mineral wealth and tourism potential and the further development of the Omani ports.”
Sultan pointed to Sohar as a key driver in attracting inward foreign direct investments. “This is an indicator of the confidence of international investors and world pioneers of technology, some of whom are here today.
“The enthusiastic drive of investors is an assurance of the healthy investment environment in Oman and provides us with strong incentives to proceed with the policies of further liberalisation to encourage foreign investment.”
The Minister acknowledged a government policy emphasis on developing small to medium enterprises. “We intend to maximise the benefits that accrue from the economic and social benefits of establishing these basic industries. Our emphasis will be directed towards developing small enterprises and increasing the employment and training opportunities.”
Port of Sohar, Oman – Anchoring Success, one of MEED’s headline conferences, is at the Al Bustan Palace InterContinental, on November 15 - 16. Already confirmed as sponsors are Oman Telecommunications Company (Omantel); A’Sharqiya Investment Holding Company; Oman Arab Bank; The Consolidated Contractors Group; Dow Chemical Company; Gulf International Bank (GIB); Kuwait Privatisation Project Holding Company; Oman Petrochemicals Industries Company LLC; .
A full agenda and additional information can be found on www.meed.com/oman.
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