Ans: This global financial crisis is so deep and widespread that it is not possible for any part of the world to remain insulated from its effects. The degree of impact may vary from region to region. The Middle East in general might lose the acceleration in growth rates, but growth will still be there. This will be the case with Oman in particular. His Majesty’s governance of the Sultanate has over the years been very prudent and proactive. We hope that despite the reduction in oil prices, the increasingly diversified nature of Oman’s economy and proactive nature of the government will ensure that the impact of this crisis, especially in terms of cash liquidity, is softened. The economies in this part of the world have achieved a lot of resilience in recent years and the reserves are healthy. This resilience needs to be brought to bear on the current financial situation so that ongoing projects continue to be supported and new projects get taken up. That is what will change the sentiment, which is essential to come out of the current situation.

2 What role do you see the private sector playing in the development of the country’s economy?

Ans: The Private sector plays a very significant role in unlocking the entrepreneurial spirit of any country and its economy. The government lays down the policy framework and direction. It is then equally upto the private sector to take some risks and invest in specific projects, either on its own or in private-public partnership, to achieve the country’s objectives, while also benefiting all the participants in such projects. Getting involved in manufacturing-oriented industries, education, healthcare ans so on is important for the long-term growth of the country’s economy.

3 What can be done to encourage non-oil exports, particularly in the industrial sector?

Ans: Oman’s geographical position is great. It can truly become the economic gateway to the Gulf countries and to the wider Middle–East from the Indian Sub-continent as well as the Far East. Increasing the intensity of manufacturing in our economy is important for creation of tangible assets and local employment. Oman could become an important manufacturing centre and feed into larger economies of the region with which Oman shares borders and has great logistical proximity. A lot is already being done in this area, and I am sure that the pace will continue to increase. Manufacturing activities related to core economic infrastructure areas are very important. Tourism is another area, and Oman has vast potential to be tapped. The government is continuing to focus on this area and that is highly welcome. Further, the government could look at providing tangible economic support for setting up renewable energy industries so that Omani companies have a long-term competitive advantage.

4 How important do you think partnering with International companies for the future development of business in Oman?

Ans: International companies could bring both knowledge and technology to any partnership. We could benefit from them not only in a traditional business sense but also in the areas of education and healthcare. Development of tourism sector could also benefit from partnering with international companies, as would Oman’s journey towards a more knowledge-based economy.

5 Does the private sector play an important enough role in the formulation of Oman’s trade policy?

Ans: As I said earlier, His Majesty’s governance of the Sultanate has been an extremely enlightened one. Opinions of all participants in the economy have not only been welcomed but have been actively sought over the years. The openness provided by the trade policy framework of the Sultanate provides is a product of this approach. The Private sector has a significant voice.