New Omani consumer cooperative regulation to stimulate growth

New Omani consumer cooperative regulation to stimulate growth

Muscat: The new Omani Consumer Cooperative regulation will stimulate economic growth in the Sultanate of Oman.

The initiative will help in raising the contribution of the manufacturing sector in the gross domestic product (GDP), along with promoting local content and enhancing the presence of the national products in commercial centres and malls.

The regulation governing the practice of the activity of consumer cooperatives was issued by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) with an aim of organising the activity of consumer cooperatives. It will also enhance Omani consumers and producers by creating new supply chains, supporting national industries, developing the governorates, and in providing new investment opportunities in this sector.

“First of all, we appreciate the Ministry of Commerce, Industry and Investment Promotion for this qualitative gesture to address this issue, which represents a response to the demands of citizens and various segments of society in order to find effective cooperative consumer associations that have a presence In the Omani economic and social scene to face the economic challenges and their impact on the life of the citizen,” Dr Rajab bin Ali Al-Owaisi, an expert in social and educational studies at the State Council, a writer and researcher, said.

He explained