Muscat: Diversification will be the key as Oman strives to control inflation in the Eighth Five Year Plan that will be implemented from 2011, according to Ahmad Bin Abdul Nabi Macki, Minister of National Economy.
"The most salient dimensions and directives of the Plan include maintaining the macroeconomic stab-ility and economical balance that ensure the steady growth in GDP and increase per capita income," Macki said in a statement issued to the media.
He added that priority would be given to curbing inflation.
According to the senior Omani minister, attention will be given to agriculture development and fisheries in the Five Year Plan so that food security could be provided.
"The focus during the Plan will also be on developing small and medium enterprises," he said.
He hopes to stimulate the local private sector to invest in developing exports, encourage investments and raise productivity during the Plan.
Macki said the current Plan, which ends next year, has seen the downsizing of the public debt, the growth of state reserves, and development of foreign direct investment.
Social development
He also said that efforts would be made to maximise the social returns of development in a way that positively reflect on citizens' quality of life by upgrading education quality, expansion of higher education, improvement in the quality of health services and their close vicinity to citizens.
"The Eighth Five Year Plan will look at creating more employment opportunities for citizens and youth in particular," he stressed.
Continuation
Macki said that the government will continue its economic diversification policy during the Plan.
"We also aim to strengthen the manufacturing fields in various regions of the country," he said. He hoped developing small and medium size projects would help increase non-oil exports.
He revealed that the government planned to upgrade laws and legislation related to investment so that more national and foreign investments could be attracted.
