The new Consumer Cooperative regulation will stimulate economic growth in the Sultanate of Oman, stated the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP).
The initiative is expected to help in raising the contribution of the manufacturing sector to the gross domestic product (GDP), along with promoting local content and enhancing the presence of national products in commercial centers and malls.
The regulation governing the practice of the activity of consumer cooperatives was issued by MoCIIP with the aim of organizing the activity of consumer cooperatives. It will also enhance Omani consumers and producers by creating new supply chains, supporting national industries, developing the governorates, and providing new investment opportunities in this sector.
“First of all, we appreciate MoCIIP for this qualitative gesture to address this issue, which represents a response to the demands of citizens and various segments of society in order to find effective cooperative consumer associations that have a presence In the Omani economic and social scene to face the economic challenges and their impact on the life of the citizen,” Dr. Rajab bin Ali Al-Owaisi, an expert in social and educational studies at the State Council, a writer and researcher, said.
Dr. Rajab Al -Owaisi added that “We believe that the presence of these consumer cooperatives, represents the way in which it must be followed in light of the future indicators so that it can exercise its pioneering role in light of an integrated community work system, in order to contribute directly to address the challenges and difficult conditions that society faces or some individuals.”
The consumer cooperative’s success also depends on the extent of the possibility of building a national system strengthened by institutional references, legislative, organizational, administrative, structural, planning and executive regulations and integrated databases that determine the details of its work and implementation steps, evaluation, monitoring and diagnosis systems.