Economic Coordination Council's establishment boosts private sector's role in economic growth

16/06/2026 04:42 AST

Faisal Abdullah Al Rowas, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI), affirmed that the Royal directives of His Majesty Sultan Haitham bin Tarik during his chairing of the Cabinet meeting, reflect His Majesty's continuous royal keenness to enhance the role of the private sector. It also stems from his keenness to enable the private sector to lead the economic growth journey and achieve the objectives of Oman Vision 2040, by establishing a more efficient, competitive and sustainable business environment.

He explained that His Majesty's directive to establish the Economic Coordination Council under the chairmanship of HH Sayyid Theyazin bin Haitham Al Said, Deputy Prime Minister for Economic Affairs, contributes to maximising the role of the private sector in economic growth and enhancing integration between government policies and the requirements of the private sector. It contributes to ensuring the active participation of the private sector in formulating economic policies, forecasting global economic trends, and supporting the growth and diversification of economic sectors. This also contributes to enhancing economic dialogue and the exchange of views, addressing challenges facing the private sector and improving the investment environment.

The Chairman of the OCCI pointed out that the Cabinet's attention accorded to the employment file, and its praise for the national efforts exerted by various government and private entities, underscores the importance of the partnership between the two sides in providing job opportunities for citizens and enhancing investment in national talents. This thereby contributes to building a more sustainable labor market and reinforcing the role of the private sector as a primary partner in economic and social development.

He indicated that the Royal directives to provide a package of support measures to the sectors of the national economy, especially small and medium enterprises directly affected by global economic impacts, embody the supportive approach to business continuity and contribute to mitigating the challenges facing these enterprises, thereby enhancing their ability to maintain their activities, as they represent one of the fundamental pillars of the national economy.

Al Rowas emphasised the pivotal role undertaken by Oman Chamber of Commerce and Industry in leveraging the Sultanate of Oman's good relations with various Arab and friendly countries and realising them into effective economic partnerships that contribute to expanding the horizons of trade cooperation and attracting investments.

Times of Oman