Oman participates in Trade for Peace Week in Geneva

Geneva: The Sultanate of Oman participated in the high-level opening session of the Trade for Peace Week in Geneva under the theme "Building Resilience through Trade: Private Sector Engagement for Sustainable Peace."

Idris bin Abdul Rahman Al Khanjari, Permanent Representative of the Sultanate of Oman to the United Nations Office and other international organisations in Geneva delivered a statement reviewing Oman’s experience in how trade can serve as a tool for economic development, regional stability, and long-term peace.

He said that Oman stands as a significant example of how trade can foster stability, diversify economies, and open doors to sustainable progress. Oman’s approach to economic development has long been rooted in a strong understanding of the importance of trade.

He added that Oman has entered a new phase of development formalised in Oman Vision 2040. This vision, he said, represents a significant milestone in the country’s comprehensive national development. Among its goals are economic development, social justice, and environmental protection. A key focus is continually renewing capabilities to cope with market dynamics and future expectations.

He pointed out that according to Oman Vision 2040, it is crucial to ensure effective economic leadership with clear mandates, established authority, and a swift response to development needs.

He further said that Oman has used trade as both a tool and vehicle for development, achieving a level of stability and prosperity. He pointed out that Oman’s leadership implemented strategies to diversify the economy, with significant investments in infrastructure, tourism, logistics, manufacturing, and agriculture. These sectors have not only strengthened Oman’s economy but have generated job opportunities, reduced poverty, and improved living standards.

Al Khanjari added that Oman has made significant strides in trade facilitation. The country ranks 10th globally in terms of world-class infrastructure, including seaports, airports, and state-of-the-art transportation networks. Oman’s ports, such as Sohar Port, are vital not just for Omani trade but for the entire region. This infrastructure development has made Oman a key player in regional and international trade, offering opportunities for economic growth and regional cooperation.

He pointed out that Oman has implemented investment-friendly policies that have been pivotal in attracting both foreign and domestic investors. Among the incentives Oman offers up to 100% foreign ownership, tax exemptions for up to 30 years, competitive land and service prices, customs duty exemptions, and investor residence for up to 10 years. Further, the government has worked tirelessly to create a business climate with policies designed to encourage entrepreneurship and reduce bureaucratic obstacles.

He concluded, “Oman’s diplomatic approach to regional stability is another crucial lesson. By focusing on peacebuilding and fostering cooperative relations with its neighbors, Oman has ensured that its trade relationships are not just economic but also political and diplomatic. Oman has used its neutral position to mediate in regional conflicts and encourage cooperation across borders”.