Muscat: Oman is looking to manufacturing, tourism, fisheries and logistics in a bid to diversify its economy away from oil, the country’s minister of commerce and industry said on Tuesday.
“I am very happy to say that we have a strong logistics team here at Davos. We have spend $3 billion on three of our airports, we have roads where we spend little over $6 billion, and we have three major ports outside the state of Hormuz, so are very well prepared to promote our logistics sector,” Dr. Ali bin Masood Al Sunaidy said in an interview with Bloomberg TV.
The minister also said that the country is looking for 2.5-3 per cent of average annual growth this year.
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Speaking on the sidelines of World Economic Forum in Davos, Sunaidy said he was optimistic to have a consistent growth. “Unless something big interrupts the neighbourhood, we are looking for 2.5-3 per cent of average annual growth,” Sunaidy told Bloomberg. “And I think we are able to do that because if you look at the history of Oman since 1970 we ran a growth rate of about 6 per cent. It only got really [bad] when we saw oil prices slump from $114 way down to $26, $25. That was something huge we couldn’t cope with,” he added.
