Oman Ministry of Economy launches national program for economic diversifications

By Arya M Nair, Intern Reporter
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Oman
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The national program for economic diversifications “Tanwea’a” has been launched to accelerate the achievement of the specific objectives of economic diversification in the Sultanate of Oman.

The Ministry of Economy, in cooperation with the Oman Vision 2040 Follow-up Unit, launched the national program for Economic Diversifications “Tanwea’a” as one of the enablers of the 10th five-year plan with the aim of accelerating the achievement of the goals set for economic diversification in the plan.

His Excellency Dr. Said bin Mohammed Al Saqri, Minister of Economy, said that the “Tanwea’a” program includes a number of proposed policies and procedures to accelerate the pace of economic diversification in Oman. The program works to strengthen the front and back links between economic sectors with the aim of expanding the production and export base and enabling economic sectors to contribute to non-oil revenues.”

The program works in two parts, one of which is planning, focusing on framing initiatives and studies, researching integration with other national programs, conducting financial and economic analyses, and developing 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.

It will propose general policies for economic diversification, targeted incentive packages, and the development of detailed national indicators through a panel of indicators for planning tools. The Minister explained that the current tools developed by the program will enable a shift in the pursuit of economic diversification efforts to be related to stimulus packages and sectoral and regulatory reform policies.

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