Oman 20/20 vision


Oman 20/20 vision

ME PoV Fall 2013 issue

20/20 vision

Once a middle-income economy heavily dependent on depleting oil resources, the Sultanate of Oman has been actively pursuing a development plan focusing on diversification, industrialization and privatization, with the objective of reducing its reliance on the oil sector’s contribution to GDP, currently at 48.44 percent (USD 37.8 billion) and creating more employment opportunities for the rising number of young Omanis entering the workforce. And the outcome? The Public Authority for Investment Promotion and Export Development (PAIPED) was recently recognized at the United Nations Conference for Trade and Development held in Geneva for its efforts to promote non-oil products.

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