MUSCAT, 18 November 2003 — Industry and Commerce Minister Maqbool ibn Ali Sultan has disclosed that Oman’s trade balance achieved a surplus of 1.987 billion rials ($5.2 billion) in 2002 against 2.09 billion rials ($5.4 billion) a year before.
“This drop was due to a 2.6 percent increase in the crude oil exports”, he said in statement released by the state-run Oman News Agency. “We attach utmost importance to the promotion of trade and commerce.”
He noted that value of re-exports rose by 25.8 percent, while the value of imports remained unchanged due to Oman’s foreign policy liberalization.
He said the government was fully concentrating on economic diversification in order to reduce dependence on fluctuating oil income, adding contribution of non-oil sectors to the GDP rose from 1.58 percent in 2000 to 9.50 percent in 2002.
Maqbool said preparations are under way to set up big-time projects in Sohar, a sprawling industrial town midway between Muscat and Abu Dhabi in the Batinah region, related to refinery, aluminum smelter, ammonia/urea and methonol.
He said Oman’s reserves for copper and gold, largely found in Sohar, amounted to 50,275 million tons in 2002.
He said tourism remains a very potential area and every effort is being made to exploit and harness it, raising this sector’s contribution to the GDP to 3 percent by 2020.
He said the Sixth Five-Year Plan lays increasing emphasis on tourism, and made special mention of Bar Al-Jissa in Muscat, by far the country’s largest tourist resort with 700 rooms, costing 60 million rials. It is expected to open in November 2005.
He also said the Khasab Golden Tulip Resort which was opened last October was producing results.
He said travel restrictions are being eased for the sake of discerning sightseers wanting to savor Oman’s unspoilt beauty mingling with modernity to offer a fascinating blend not to be found elsewhere. Historical sites like forts, castles, towers and other ancient structures are being preseved and renovated. Equal attention is paid to promote environment.
“We are all out to make Oman a leading tourists’ destination.”
Maqbool said a new company commercial laws were in the offing to replace the one enacted way back in 1974.