Multi-pronged efforts to support local businesses in Oman

Multi-pronged efforts to support local businesses in Oman

Muscat: Multi-pronged efforts to support local businesses and SMEs were announced by the Ministry of Economy on Sunday. Small and medium enterprises (SMEs), in particular, have been among the hardest hit by the pandemic, the Ministry said, adding that "they require support in the form of direct government aid, legislative reforms, and economic stimulus to recover, reduce their economic costs, and ensure their market viability." The eight new multi-pronged efforts include among others, e-Commerce programme initiative, winter nights festival, creative industries incubator, manufacturing incubator, establishing emerging agricultural manufacturing SMEs in cooperation with Haya Water, industrialisation initiative in cooperation with Mazoon Dairy Company, entrepreneurship education platform and consultation to support SMEs affected by the pandemic. To accelerate recovery of these enterprises from the repercussions of COVID-19 and to maximise their contribution to the economy, the Ministry of Economy has announced an initiative to support the SME sector, in partnership with the Public Authority for Small and Medium Enterprises Development (Riyada). The plan is also targeted at achieving the high growth rates outlined in Oman Vision 2040 and has five core themes. The first covers incentives linked to taxes and fees, the second covers measures to further improve Oman's business and investment