Hong Kong Commends Oman’s Economic Diversification Model

Hong Kong Commends Oman’s Economic Diversification Model

The Omani Government's initiatives to modernise the local economy has been commended by the Hong Kong Trade Development Council (HKTDC), as per a report published by the Hong Kong-based statutory body.

Affirming the Sultanate's role in executing a successful model of economic diversification– notably in the country's trade liberalisation in goods and services – the foreign report pointed out that Oman pursued an active plan of development that focuses on multiple facets.

This includes diversification, manufacturing and privatisation with the purpose of diminishing the contribution of the oil sector to the Gross Domestic Product (GDP) to 9 per cent.

The report noted that tourism and hydrocarbon industries had become the main components of the government's economic diversification strategy.

As per the report's analyses, the Sultanate showed strong commitment to trade liberalisation through its membership at the