Muscat: His Majesty Sultan Haitham Bin Tarik convened with business proprietors, encompassing both small and medium enterprises as well as start-up ventures, at the Al Barakah Palace on Monday, October 28, 2024.
The Oman News Agency (ONA) has reported that His Majesty the Sultan engaged in discussions with business leaders, small and medium enterprises, and start-up companies at the Al Barakah Palace.
His Majesty commenced the proceedings by offering praise and thanks to God for the plentiful blessings, numerous favors, and stability He has extended to Oman, expressing a desire for these blessings to persist for the nation and its citizens, and for all endeavors to be rewarded with success.
He then reviewed the state's financial and economic performance, highlighting the positive outcomes achieved, particularly noting the significant role played by the effective collaboration between the government and the private sector. This collaboration has been evident in the growth of the gross domestic product and the sustained improvement of Oman's credit rating, which are expected to bolster investor confidence and create a favorable investment climate, thereby revitalizing various economic sectors.
His Majesty emphasized the importance of further strengthening the partnership between the government and the private sector, underscoring the need for continued engagement with the private sector, listening to the perspectives of business leaders, and addressing the challenges faced by the sector to ensure an environment conducive to investment and local economic development.
He also highlighted the positive synergy observed between the public and private sectors, commending the regular meetings held by the Financial and Economic Committee of the Council of Ministers, the Ministry of Commerce, Industry and Investment Promotion, the Public Authority for Small and Medium Enterprises Development, and the Oman Chamber of Commerce and Industry. These meetings facilitate ongoing dialogue between the sectors, addressing challenges faced by businessmen, investors, and owners of small and medium enterprises, and devising solutions to support their growth.
His Majesty stressed the critical role of this sector in the foundation of modern economies and its pivotal role in fostering economic growth and shaping the business landscape. He directed the Omani banking sector to keep pace with global developments in banking and financial policies that support the business environment and stimulate economic activity in the country in the forthcoming period.
His Majesty the Sultan also referred to the adoption of the National Policy for Local Content, aimed at enhancing the competitiveness of the national economy and its growth. He emphasized the significance of the private sector's contribution to the success of this policy by promoting local industries, prioritizing the purchase of local products in tenders, which not only creates job opportunities for citizens but also reduces reliance on imports, boosts export volumes, increases the value of the gross domestic product, and modernizes and develops locally manufactured products, thereby improving their quality to become a preferred choice for consumers and enabling them to compete on a global markets.
