Oman’s minister highlights economic diversification at Davos

Davos : His Excellency outlined key strategies for economic diversification, focusing on the role of innovation, technology, and sustainable development in driving future growth.

Addressing the session titled ‘Economic Diversification and its Impact on Sustainability: The Role of the Gulf Cooperation Council in Global Economic Growth’, H.E. Dr. Saqri emphasised Oman’s commitment to reducing its dependency on oil and expanding its economic base through the development of new sectors, including tourism, technology, and manufacturing.
One of the key points discussed was Oman’s long-term vision to bolster its economy by fostering international partnerships that contribute to global economic stability while diversifying the nation’s industrial landscape. The Minister shared success stories of economic diversification projects within Oman, underscoring the tangible progress made in transitioning to a more diversified economy.
H.E. Dr. Al Saqri also addressed the challenges currently facing the Omani economy and highlighted the steps being taken to overcome them. He emphasised the role of technology and innovation as key drivers of economic growth, highlighting Oman’s focus on advancing technology and renewable energy.

The Minister also stressed the importance of research, development, and investment in these areas, as well as the vital role that regional and international cooperation plays in tackling global economic challenges.