Non-oil exports contribute to surge in Oman GDP

MUSCAT -- Non-oil exports have increased significantly as a result of a strategy successfully implemented by the government of Oman, Maqbool bin Ali Sultan, Minister of Commerce and Industry, said in an interview with The Report: Oman 2008 published by Oxford Business Group (OBG). To achieve this growth, the Sultanate has focused developments on thrust sectors which now account for more than 63 per cent of total Omani non-oil exports.

"The thrust sectors have been segmented into four categories to formulate a thorough approach suitable for each group," said Maqbool. "The first category is high value products whose exports value exceeds RO 50 million. Urea comes in this category. The second group is medium value products whose exports are worth between RO 5 to 50 million. They are likely to grow rapidly and may need support initiatives to help their growth.

This group includes products such as electric cables, steel tubes, marble, vegetable oil, steel bars and rods, plastic films, aluminium profiles, lead acid batteries, copper wire and detergents. The third category is of low value products whose exports are between RO 3 and 5 million. They have the potential to graduate to the medium category and may need product-specific support from the government. Products in this category include steel billets, ceramic tiles, metal furniture, plastic tableware and kitchenware.

The last category comprises products whose exports are currently between RO 1 to 3 million, but which have a good growth opportunity. This group includes frozen fish, dates, glass containers, canned tuna, surgical gloves, tomato paste, switchgear, transformers, electric heaters and mushrooms. "An important factor in this rapid growth were development studies conducted by the government to help and guide exporters to potentially promising exports markets and support their efforts," Maqbool said.

"This has led to a remarkable growth in all sectors of the economy, which is set to continue. The impressive growth of GDP, increasing budget surpluses, relatively controlled inflation, rising public and private investment, an active capital market and a steady increase in employment generation are the indicators of the strength of the Omani economy," he added.

"The Sultanate encourages foreign capital to serve the purposes of supplementing its local investment in utilising its untapped resources and thus fostering economic growth, facilitating transfer of technology, know-how and managerial skills and getting benefit from the worldwide connections of multinational corporations in opening new markets for Omani products," he said. Maqbool, who is also Chairman of Ociped, which is the official partner for the OBG guide to Oman for the fourth year running, was interviewed by OBG's Oman Country Director, Jana Treeck, and Oman Editorial Manager, Joe Smart.

The Report: Oman 2008, will feature a series of exclusive interviews with key officials and businessmen in a remarkable profile of the Sultanate. To be available in print form and online, The Report is part of the range of Oxford Business Group's publications, which are renowned as leading sources of information for developing and emerging economies around the world.

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source: zawya.com