Muscat: His Excellency Faisal Abdullah Al Rawas, the Board Chairman of the Oman Chamber of Commerce and Industry (OCCI), emphasized that the Chamber serves as the authorized spokesperson for the private sector in the Sultanate of Oman. The Chamber coordinates and expands commercial and industrial relations for all members and represents the private sector in government and international organization meetings.

During an interview on the “Maa ElShabab” program broadcasted on Oman TV, Al Rawas clarified, “Sultanate Decree No. 65 of 2022 outlines the roles and tasks of the Chamber, including expressing opinions on economic legislation before its issuance, promotion of Omani endeavours on the international stage, foreign investments, and the formulation of economic studies and research pinpointing challenges encountered by the private sector. Lastly, presenting proposals and solutions to the pertinent authorities.”

H.E. Al Rawas emphasized that the Chamber prioritizes communication with all its members, listening to their needs and suggestions. Additionally, the Chamber has more than 300,000 members, including small, medium, and large companies; it also consists of 18 sectoral committees covering all sectors within the Sultanate, with 800 business owners. Notably, A special committee tailored for the automotive industry, including car agents, is on track to be formed within the next two months, marking the addition of the nineteenth committee.

H.E. Al Rawas highlighted that the Chamber actively involves business owners in sectoral committees, aiming to monitor private sector challenges and generate effective solutions. Additionally, the Chamber is focused on developing governance principles, fostering collaboration between the public and private sectors, and maintaining open communication with business owners. The Chamber is also working towards implementing a decentralized approach across the provinces.

H.E. Al Rawas highlighted the Chamber’s initiative to streamline internal operations by introducing a new system and an internal review of legislation and regulations to align with established governance standards. He emphasized that the perception of profit-driven traders is a misconception. Instead, H.E. Al Rawas believes that corporate social responsibility is on track to become the prevailing culture for companies.

He pointed out that this cultural shift involves active contributions to private events and leadership in various social initiatives. Notably, many businesses allocate a specific portion of their budget to support comprehensive corporate social responsibility programs.

Emphasizing that Oman Vision 2040 focuses on the national economy and the private sector, providing an incentive for private sector growth and development, H.E. Al-Rawas noted that foreign investment reached OMR 4 billion by the end of October 2023.

He highlighted the significant role of the Omani private sector, contributing over 60% to the Gross Domestic Product (GDP). He confirmed that the partnership between the public and private sectors in the Sultanate is growing, with government tenders being assigned to the private sector, contributing to enhancing its role in the national economy.

The Oman Chamber of Commerce and Industry Chairman emphasized the pivotal role that family businesses play in the Omani national economy, constituting a substantial portion of the registered companies in the Sultanate. He further highlighted the Chamber’s commitment to cater to the diverse needs of companies, whether small, medium, or large, with a specific focus on supporting family businesses.

Commenting on the economic legislations and regulations, he emphasized the Chamber’s proactive stance in articulating its voice on such legislation. This proactive engagement serves the dual purpose of safeguarding the needs of the private sector and bolstering its competitiveness. Notably, he underscored the significance of the government’s regard for the Chamber’s perspectives on these legislations, highlighting a willingness to suspend existing laws that may hinder the private sector’s competitiveness.

Additionally, he pointed out that the country’s pursuit of job opportunities is a paramount concern. Notably, nearly 90% of the workforce in the Sultanate is comprised of expatriates, with the majority being unskilled labour, with some contending that expatriate labour is more cost-effective.

Nevertheless, recognizing the unprecedented productivity and innovation of the Omani workforce when located in a suitable place, we are deeply committed to fostering their potential. Our focus lies in supporting and empowering Omani youth, encouraging entrepreneurship, and facilitating the establishment of small and medium-sized enterprises to endorse their self-realization.

Concluding his remarks, His Excellency Faisal Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, emphatically affirmed the Chamber’s unwavering dedication to achieving its objectives. He underscored the Chamber’s commitment to actively supporting the private sector, thereby fortifying its pivotal role in bolstering the national economy.