TBY meets HE Dr. Ali Masoud Ali Al Sunaidy, Minister of Commerce and Industry

Recently, The Business Year (TBY) met HE Dr. Ali Masoud Ali Al Sunaidy, Minister of Commerce and Industry, to discuss the Sultanate’s current milestones and the preparations being made by the ministry for 2018.

The main topics of discussion included the Sultanate’s aim to maintain 2.5% GDP growth, the setting of cost-effective energy tariffs to meet Tanfeedh’s manufacturing plan, growth in industrial estates, and the introduction of REITs and other innovative financial options. Government plans include easing regulation for international investors through the newly drafted FDI Law, increasing competition throughout multiple sectors of the economy, restructuring government finance, the privatization of electricity distribution, upgrading investment platforms such as the Bayan one-stop service and the eVisa process, increasing port efficiency to reduce handling costs in Sohar and Salah, the 100 Omani CEO Program, which aims to prepare a new generation of leaders, oil storage, energy security and logistics in Duqm, imports, exports, and re-exports to and from Iran, an increase is tourism relations with neighboring markets and Eastern Africa, affordable housing projects, an increase in food security, and increasing investment in cybersecurity.
All of these topics are expected to be addressed by the government in the coming months and are expected to deliver results, as prioritized in Tanfeedh’s strategy to further diversify the economy and lower dependence on oil and gas.