Muscat, —- The Implementation Support and Follow-up Unit will hold additional laboratories in the mining and power sectors during 2018 in preparation for the implementation of its outputs after completion of the laboratories.
The unit will support the implementation of the outputs of the National Program for Enhancing Economic Diversification (Tanfeedh) ” in the Non-Oil Economic Sectors, “Tourism Manufacturing, Logistics Sector”, as well as supporting sectors, such as manpower, finance and business environment to implement priority outputs during 2018.
In 2017, the Ministry of Finance allocated RO86 million to support some initiatives that require government subsidy in both the economic sectors (manufacturing, tourism, logistics) and the potential sectors (business environment and manpower).
The additional funds disbursed to implement the initiatives are private sector investments to strengthen the government’s approach to building partnerships with the private sector to promote economic diversification and trade facilitation. The private sector investments for all these sectors, which the Unit is supporting with its implementation, exceed RO900 million, which in turn contributes to the growth of the economy in the non-oil sectors.
The Ministry of Finance will also transfer the non-expended budgets from last year approved budget for next year because of the importance of the implementation of these projects in support of the national economy.
The Unit also works in cooperation with the concerned authorities to facilitate the business environment in the Sultanate with the aim of boosting investment and economic growth despite the existence of some challenges. However, the implementation of initiatives and projects is proceeding well.
Source: Oman News Agency