Oman implements successful model of economic diversification

Oman implements successful model of economic diversification

Hong Kong: The Sultanate of Oman is executing a successful model of economic diversification, notably the country's trade liberalisation in goods and services, says a new report published by Hong Kong Trade Development Council (HKTDC).The report pointed out that the Sultanate pursued an active plan of development that focuses on diversification, manufacturing and privatisation to diminish the contribution of the oil sector to the Gross Domestic Product to 9 per cent. It noted that tourism and hydrocarbon industries have become the main components of the government's economic diversification strategy.HKTDC report added that the Sultanate showed strong commitment to trade liberalisation through its membership at the World Trade Organisation, in addition to a number of bilateral and multilateral trade agreements.The Omani government took initiatives to modernize the economy, said the Hong