Wednesday, November 06
09:41 PM

H M Sultan Haitham commends private sector’s role in progress

28 Oct 2024 His Majesty meets business, SME owners

Muscat – His Majesty Sultan Haitham bin Tarik held a meeting with representatives of private sector establishments, businessmen and owners of small and medium enterprises (SMEs) and startups at Al Barakah Palace on Monday.

During the meeting, His Majesty the Sultan reviewed the country’s financial and economic performance. He commended the positive outcome of partnerships between the public and private sectors, noting that these contributed to the growth of Gross Domestic Product (GDP) and steady improvement in the country’s credit rating. He noted that this would contribute to enhancing confidence of businessmen and investors, and lead to establishment of an attractive investment environment that would in turn revitalise various economic sectors.

In the context of his keenness to enhance public-private partnership, His Majesty the Sultan stressed the need for regular interaction with the private sector to hear the views of business persons and discuss their proposals and challenges faced with the primary objective of creating an environment to enhance investments and develop the local economy.

In reference to the increasing collaborations taking shape between the public and private sectors, he lauded the periodic meetings held with representatives of the business community by the Council of Ministers’ Financial and Economic Committee, the Ministry of Commerce, Industry and Investment Promotion, and the Authority for Small and Medium Enterprises Development (ASMED).

The meeting on Monday, held in coordination with Oman Chamber of Commerce and Industry, aimed to maintain the pace of communication between the public and private sectors, address the challenges faced by businessmen, investors and owners of SMEs, and devise suitable solutions to these.

His Majesty the Sultan informed that jobseekers are a priority for the government, while underlining the role of the private sector in employment. He pointed out that the private sector shoulders this responsibility side-by-side the government for providing employment opportunities for citizens and training them, making use of economic incentives, programmes and initiatives launched by the government to support the private sector.

His Majesty the Sultan stressed the importance of the banking sector as the cornerstone of modern economies and a key driver in enhancing economic growth and shaping the business environment. He urged the Omani banking sector to keep pace with global developments and financial policies that support the business environment and stimulate economic activity in the country in next phase of growth.

His Majesty the Sultan also laid emphasis on endorsing the National Local Content Policy, which he said aims to promote competitiveness of the national economy and boost its growth. In this context, His Majesty stressed the importance of the private sector’s contribution to the success of the policy, notably by localising industries and by giving priority to local products in procurements and tenders. This would in turn help generate employment opportunities for citizens, decrease dependence on imports, increase exports and augment the value of the GDP.

His Majesty the Sultan underscored the importance of the private sector in taking steps to develop locally-made products and improve quality so that these become customers’ preferred choice and compete in global markets.

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac