New directives promote economic diversification
The Supreme directives of His Majesty Sultan Haitham bin Tariq focused on developing Oman’s economy to become more diverse and sustainable, by building an expanded productive base and enhancing the business environment to attract local and foreign investments. The directives included the preparation of a long-term plan to boost non-oil growth in the trade balance, with an emphasis on establishing specialized industrial clusters in pharmaceutical and medical device industries, utilizing the country’s resources and competitive advantages. They also underscored the importance of flexible fiscal policies, infrastructure development, and strengthening partnerships with the private sector to achieve the objectives of the "Oman 2040" vision and realize more sustainable and diversified economic growth.
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