Council members emphasize the importance of overcoming the difficulties related to domestic investment.
  Council members inquired about the challenges facing “Tanfeedh” program.
 Council members   inquired about the reasons behind the delay in the issuance of the Companies Law, Law of the Chamber of Commerce and Industry and the SMEs Law.
 

The statement included six topics covering the following aspects:   the ministry's plan of action and its executive program, the role of the ministry in developing economic diversification in the ninth five-year plan, the legislative system, free and industrial zones,  the government's efforts to improve the business environment, as well as the development of SMEs to enhance their role in the economic diversification .

Chairman’s Speech
In his inaugural speech, H.E. the Chairman of the Council stated that the statement that will be delivered by His Excellency the Minister of Trade and Industry will focus on a number of topics, foremost of which is giving a clear picture of the Ministry of Trade and Industry's plan of action, its executive program and its role in developing economic diversification sectors in the ninth five-year plan. The statement will cover the industrial and free zones and the extent of investment growth by the General Establishment for Industrial Estates. The statement will also review the government efforts to improve the business environment and the development of SMEs to enhance their role in the economic diversification.
 
Statement of His Excellency the Minister of Commerce and Industry
 

Ministry's work plan and executive program
HE. the Minister talked about the growth achieved by the various economic activities (trade, industry, mining and services) during the Eighth Five-Year Plan supported by the high oil prices , especially during the first three  years of the plan. He pointed out that the government has used the revenues from oil and gas to build industrial zones, free zones, ports and airports, and to expand the construction of major roads, communication networks, networks of transmission and distribution of electricity, water and sewage networks and other service projects. He stressed that all of which would create great opportunities for domestic and foreign private sector investment, as well as providing a space for the growth of construction companies.

 
The Role of the Ministry in Developing Economic Diversification Sectors in the Ninth Five-Year Plan
H.E. Minister of Trade and Industry talked about the manufacturing sector as one of the five sectors approved by the National Program Enhancing Economic Diversification “Tanfeedh” in the Ninth Five-Year Plan (2016-2020). He stressed that while the mining sector is under the supervision of the ministry, it enjoys full financial and administrative independence through the General Authority for Mining .
The Minister pointed out that the manufacturing sector labs in Tanfeedh program includes a number of sub-sectors based on its contribution to the GDP. These sectors are: petrochemical sector, metallurgical sector, nonferrous metals sector, food industry, as well as two basic enablers “energy and innovation.” 

Legislative system and conventions
During the statement, the minister spoke about the legislative system and the conventions, pointing out that the Sultanate adopts a Free Market Policy through its membership in WTO. It is part of several conventions, most importantly: GCC Convention, Arab Trading Convention, Free Trade Convention between Oman and US and Free Trade Convention between GCC countries and the Republic of Singapore. 
  
Discussions of Council members
The floor was opened, then, for the members to address their questions and inquiries, which mostly focused on the Ministry's efforts to improve the business environment in terms of legislation and technology. They discussed the need to look for a mechanism to achieve higher rates of growth in trade and industry, as well as the need for economic diversification and focus on development goals and the five-year plan .The members stressed the importance of enabling and expanding incentives for SMEs, thereby enhancing their contribution to GDP.

They inquired about the reasons for the challenges and difficulties faced by the manufacturing sector in light of  ”Tanfeedh” and its contribution to the GDP, in addition to providing sustainable employment opportunities for Omanis .
The Members noted that the statement did not contain any plans and policies related to the development of the petrochemical sector .They also pointed to the importance of focusing on the quarries sector as one of the promising sectors to diversify the country's economy. In addition, they requested the reconsideration of the decision to ban the import of private vehicles and trucks. In this context, the Minister replied that the decision on the importation of small vehicles and trucks should be given more time so that it can be assessed.

The members of the Council urged to develop the private sector, whose revenues have been linked to the government. The meeting also highlighted the importance of benefiting from the strategic location of Oman.
On the other hand, a number of members stressed the importance of overcoming the difficulties related to domestic investment, in addition to facilitating the “related procedures.
A member also inquired about the reasons behind the delay in issuing several important laws for the trade sector, most importantly: Companies Law, Law of the Chamber of Commerce and Industry, SMEs Law, Bankruptcy Law and the Investment Law.

The Council will continue the rest of the discussion on Thursday.