The Sultanate of Oman marks today the 52nd National Day of the Renaissance, the 18th of November Anniversary.
Omani people will mark the Renewed Renaissance and its glorious reign under the leadership of HM Sultan Haitham bin Tarik, who affirmed his constant quest to advance Oman’s modern cultural and economic status and his keenness to make Omani citizens as true partners in their country’s comprehensive development.
OMAN VISION 2040
In 2021, the Sultanate of Oman began implementing its first steps to Oman Vision 2040, a grand strategy which aims to achieve advanced social goals and further economic development, moving the economy from its status of dependence on oil to one more diversified and knowledge based.
HM Sultan Haitham has taken a direct interest in the rollout of Oman Vision 2040, which will consume four five-year development plans on the path to its full fruition. The Sultanate of Oman, as it proceeds with rejuvenated energy towards the vision of Oman 2040 can be reassured of a future that resonates with abundance.
ECONOMY
Oman presses ahead with the approach charted by HM the Sultan to implement economic measures and streamline procedures. This was achieved despite the economic impacts brought about worldwide.
During this year and until the end of August 2022, the Sultanate of Oman was able to pay off loans and replace some high-cost bonds with low-cost ones valued at more than RO 4 billion. It also cut down the size of the public debt by about RO 2.4 billion as at the end of August 2022, to stand at RO 18.4 billion (46.5% to the GDP).
INVESTMENT
The Omani government created an appropriate environment to attract investments improving by stimulating economic infrastructure, creating attractive incentives and enacting of regulatory legislation.
The Sultanate of Oman has promising investment opportunities in diverse economic sectors such as manufacturing, renewable energy, mining, tourism, agriculture and fisheries, logistics and education.
The facilities supervised by the Public Authority for Special Economic Zones and Free Zones are viewed as attractive investment oases. Many international analysts see Oman as an ideal long-term investment opportunity due to the following factors:
- Strategic location at the centre of the east-west nexus joining markets in Europe, Asia and North America in addition to proximity to Africa.
- Legal transparency, economic stability, and political tranquillity.
- State-of-the-art roads, airports, ports, free zones, and industrial estates.
- 100% foreign ownership now available nationwide.
- Corporate tax is low at just 15%.
- Custom exemptions on the import of plant machinery and raw materials for five years from commencement of production.
- Trade Agreements: Signatory to WTO, GCC common market, GAFTA, FTAs with USA, Singapore, Iceland, Norway, Switzerland, and Lichtenstein.
GREEN HYDROGEN
Hydrom was launched in 2022 following HM Haitham's directive to structure and accelerate the development of the green hydrogen sector in Oman, with a vision to position Oman as a leading global green hydrogen hub. Fully owned by Energy Development Oman (EDO) and regulated by Ministry of Energy and Minerals (MEM), Hydrom is a central and independent entity orchestrating the national interest in green hydrogen.
Its main mandate is to masterplan the sector, delineating government owned land areas, structuring associated large-scale green hydrogen projects, managing the process for their allocation to developers and overseeing their execution as well as facilitating the development of common infrastructure, connected ecosystem industries and hubs.
HERITAGE, CULTURE AND ARTS
The history of the Sultanate of Oman is a fascinating, uplifting chronicle of an outward-looking, enterprising people with strong cultural instincts. These embedded features of the Omani national identity are much in evidence in the cultural climate of Oman today. They value curiosity, respect for difference, and tolerance of other ways of being.
In a world that is shifting gradually towards a more sustainable way of life, the balanced Omani approach favours the open-minded transfer of knowledge and skills, meanings and values from one generation, one people, to another.
TOURISM
The Sultanate of Oman is well-endowed with stunning vistas and a rich cultural heritage. As a peaceful and unique destination, regional and global interest in Oman as a tourist destination continues to gain momentum.
There are different types of tourist trips in the Sultanate of Oman due to its natural and environmental diversity, including natural reserves, caves, beaches, islands, falaj, wadis, and dams. There are also thousands of castles, forts and old traditional markets. Oman is rich in many archaeological discoveries that date back to the fifth millennium BC.
COVID-19
Oman, like any other country in the world, has been affected by Covid-19, but the Omani government was alerted early on to prepare and deal with the pandemic, and took various measures necessary to contain the virus. In turn, the citizens and residents followed the preventive measures indicated by the authorities. Through this strong national cohesion, the Sultanate of Oman was able to control the epidemic, and it was decided to lift all travel restrictions related to Covid-19 since May 2022.
Foreign Policy
At the 77th session of the UN General Assembly, Oman reiterated that its solid political approach is based on a deep and stable vision and a vast experience derived from its heritage and human history.
Oman also affirmed that the pillars of its foreign policy are standing on solid grounds of truth and justice, boosted by positive cooperation and ties of friendship with all, with the prime aim of contributing to the consolidation of international peace and security.
The foundations upon which Omani foreign policy is based - notably good neighbourliness, respect for the sovereignty of states, non-interference in internal affairs, positive cooperation, mutual interests, justice, dialogue, humanity, and support for international peace and security - have made the Sultanate of Oman a reliable international partner at the local and global levels.
Source: Ministry of Information
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Embassy of the Sultanate of Oman - Bangkok
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