MUSCAT: The Sultanate of Oman has started the national programme for economic diversifications known as “Tanwea’a” to hasten the accomplishment of the particular goals of economic diversification.
In order to speed up the attainment of the objectives set forth for economic diversification in the plan, the Ministry of Economy, in collaboration with the Oman Vision 2040 Follow-up Unit, launched the national programme for economic diversifications, known as “Tanwea’a,” as one of the enablers of the 10th five-year plan (2021-2025).
His Excellency Dr Said bin Mohammed Al Saqri, Minister of Economy, said that the programme includes a number of recommended laws and processes to quicken Oman’s economic diversification.
Read More
- Oman sets October 15 deadline for approval to use national symbols on products
- Oman, Iran agree framework for safe shipping corridor through Strait of Hormuz
- Thunderstorms, strong downdraft winds sweep parts of Oman
- Saudi Crown Prince sends written message to His Majesty Sultan Haitham
- Oman FM arrives in Tehran, discusses safe passage of ships through Strait of Hormuz
In order to increase the production and export base and give economic sectors the opportunity to contribute to non-oil earnings, he added that the programme aims to develop the front and back ties between economic sectors.
The programme, according to the minister, has two parts: planning and implementation. Planning involves defining initiatives and studies, looking at integration with other national programmes, doing financial and economic analyses, and creating a risk management system.
The other part is an executive that works with institutions related to the main economic diversification sectors that have been identified, namely mining, transport, logistics, food security and tourism.
His Excellency anticipated that the initiative would produce broad-based economic diversification policies, focused incentive schemes, and the creation of in-depth national indicators through a panel of indicators for planning tools.
The minister outlined how the program’s present tools will allow for a change in how economic diversification activities are pursued, allowing them to be linked to stimulus plans as well as sectoral and regulatory reform strategies.
The goal of the programme, according to engineer Mohammed bin Hamad Al Hashemi, executive director of the National Program for Economic Diversifications “Tanwea’a,” is to reach the desired ratios in the mining, tourist, manufacturing, transportation, logistics, and food security sectors.
