Muscat:His Highness Sayyid Theyazin bin Haitham Al Said, Deputy Prime Minister for Economic Affairs, chaired a meeting of the Financial and Economic Committee of the Council of Ministers. The meeting was attended by the committee's chairman and members, along with several ministers and senior officials from relevant entities.
According to Oman News Agency, the meeting focused on various topics aimed at strengthening economic growth and ensuring fiscal sustainability. Key discussions included the preparation of a long-term plan to improve the trade balance and boost non-oil revenues. The committee also examined a study on incentives for industrial clusters in pharmaceuticals and medical devices within economic and free zones, initiatives supported by His Majesty the Sultan.
Further, His Highness emphasized the importance of enhancing economic growth, particularly in non-oil sectors, and maximizing local content. He highlighted the need for improving the business environment to attract investment and increase productivity. The meeting underscored the significance of positioning Oman prominently on regional and global trade and investment maps, in line with the strategic goal of maximizing the economic benefits of Oman's location.
His Highness directed the acceleration of Royal directive implementations through integrated government efforts and a unified team approach. Enhancing readiness and flexibility to adapt to economic changes was also stressed, to ensure the completion of economic initiatives within set timelines and with ongoing progress monitoring.
This meeting aligns with His Highness's continuous oversight of economic development and government efforts towards priority economic files, enhancing the national economy’s performance and speeding up economic diversification under the Oman Vision 2040 framework.