Muscat – The podcast highlights significant growth in the number of Stage II companies registered in Oman, with a remarkable increase of over 10 percent in the past two years.

These companies, defined as having 10-99 employees and annual revenues between $1 million and $50 million, stand to benefit significantly from this strategy designed to enhance business growth and job creation.

The podcast delves into how Economic Gardening, inspired by successful international models, can boost revenues by up to 25 percent and foster local economic development.

H.E. Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry, and Investment Promotion, and Hussain Al Lawati, CEO, Development Bank, discuss the strategy’s relevance to Oman’s evolving economic landscape. They highlight the Ministry’s recent success in registering more Stage II companies and the Development Bank’s plans to integrate Economic Gardening into its operations.

H.E. Khimji highlighted that while Economic Gardening has already shown positive results in sectors like fisheries, where technological advancements and market access improvements have been implemented, broader application across various industries could yield significant benefits. He stressed the importance of adapting these strategies to local contexts and leveraging government support to drive economic growth.

Al Lawati discussed the Development Bank’s commitment to incorporating Economic Gardening into its core operations. He pointed out that MSMEs are crucial for job creation, contributing significantly to the national GDP. The Development Bank is now piloting the Economic Gardening model internally, with a target to allocate 60-70 percent of its portfolio to Stage II companies over the next five years.

Both speakers acknowledged the challenges of implementing Economic Gardening, including the need for tailored support and infrastructure development. They also highlighted successful initiatives such as vertical farming and community-based handicraft industries, which have demonstrated the effectiveness of targeted economic strategies.

Looking ahead, they stressed the importance of harnessing new opportunities, such as green hydrogen, to further enhance the role of MSMEs in the economy. By integrating sustainable practices and certifications, Oman aims to strengthen its economic diversification efforts.