In a significant move to boost local employment and empower Omani entrepreneurs, the Ministry of Commerce, Industry, and Investment Promotion has reserved 28 additional business activities exclusively for Omani nationals. This decision aligns with the Sultanate’s broader vision of promoting economic diversification, fostering local talent, and reducing unemployment rates among citizens. By reserving these activities, the ministry aims to create more opportunities for Omanis to actively participate in and contribute to the nation’s economy.
Expanding Opportunities for Omani Nationals
The latest decision to reserve 28 more business activities for Omanis is a continuation of the government’s ongoing efforts to prioritise local employment. These activities span various sectors, including retail, services, and small-scale manufacturing. By limiting these activities to Omani nationals, the ministry seeks to ensure that more citizens have access to business opportunities that can lead to sustainable livelihoods. This policy not only supports individual entrepreneurs but also strengthens the broader economy by keeping profits within the country.
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Impact on Local Businesses
Reserving specific business activities for Omanis is expected to have a positive impact on local businesses. Omani entrepreneurs will now have exclusive access to markets that were previously open to foreign competition, giving them a better chance to succeed. This move is also likely to encourage more Omanis to venture into entrepreneurship, knowing that they have a protected space to operate. As more Omanis establish businesses, the local economy will benefit from increased innovation, job creation, and economic resilience.
Supporting Economic Diversification
The reservation of these activities is also part of Oman’s strategy to diversify its economy. By encouraging Omani nationals to engage in a broader range of business activities, the government aims to reduce the country’s reliance on oil revenues and develop other sectors. The 28 reserved activities include areas like auto repair, carpentry, and tailoring, which are critical to the economy but have traditionally seen high levels of foreign involvement. By focusing on these sectors, Oman hopes to build a more balanced and sustainable economy that can weather global economic shifts.
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Training and Support for Omani Entrepreneurs
To ensure that Omanis can successfully take advantage of these reserved activities, the government is also focusing on providing the necessary training and support. Various programs and initiatives are being introduced to help aspiring entrepreneurs develop the skills and knowledge needed to run successful businesses. Additionally, financial incentives and easier access to credit are being made available to Omani nationals, further encouraging them to start and grow their businesses. This comprehensive approach aims to equip Omani entrepreneurs with the tools they need to thrive in a competitive market.
Long-Term Economic Benefits
In the long term, the reservation of business activities for Omanis is expected to contribute significantly to the country’s economic growth. By fostering a culture of entrepreneurship and reducing dependency on foreign labor, Oman can build a more self-reliant economy. As Omani-owned businesses flourish, the benefits will ripple throughout the economy, leading to more job creation, higher incomes, and improved living standards for citizens. Moreover, this policy will help preserve Oman’s cultural heritage by ensuring that traditional trades and crafts remain in the hands of locals.
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List of activities prohibited for foreign investment
- Making handicraft products for cosmetics and perfumes.
- Making handicraft products from wood
- Making handicraft products for traditional fishing tools.
- Making handicraft products from copper and metals.
- Retail sale in specialised stores of drinking water (excluding production and transportation)
- Making handicraft products from stone and gypsum.
- Scribe services General.
- Making handicraft products from aluminum.
- Making handicraft products from palm leaves.
- Renting of event supplies and furniture.
- Making handicraft products from pottery and porcelain.
- Making handicraft products from leather.
- Retail sale in specialised stores of scrap building materials (including scrap iron trade).
- Making handicraft products derived from bones
- Freshwater fish farming.
- Planting, ornamental and seedling purposes (nurseries).
- Making handicraft products to produce frankincense water and oil
- Grocery stores.
- Mobile Cafe.
- Skin care services.
- Management and operation of LPG filling stations (cooking gas).
- Making handicraft products from silver.
- Making and preparing incense.
- Sand Service Center.
- Sale of used vehicles.
- Cultivation of live plants.
- Collection of batteries and used oils.
- Providing mailbox rental services.
- Making handicraft products by distilling flowers and herbs.
Conclusion
The Commerce Ministry’s decision to reserve 28 more business activities for Omanis marks a crucial step in the country’s efforts to empower its citizens and diversify its economy. By creating exclusive opportunities for Omani entrepreneurs, the government is not only supporting local businesses but also laying the foundation for a more sustainable and resilient economy. With continued support and investment in Omani talent, these reserved activities are set to drive long-term economic growth and prosperity in the Sultanate.
Source timesofoman.com