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“Exceptional” Growth Rate in Oman Says Ambassador

Oman : 23 April 2011

The US Ambassador to the Sultanate of Oman spoke about free trade agreements between the two nations at Sultan Qaboos University recently. Richard J Schmierer held his talk in the Al Fahm Hall at the University’s Cultural Center.

Some of the university’s senior academic administration staff attended the talk where Schmierer noted the massive amount of economic development seen in Oman over the past four decades.

Calling the growth rate “exceptional,” the ambassador added that the United Nations Human Development Index placed Oman on the list of most developed nations for the last four years running. Schmierer noted that the social sectors within the Sultanate have seen great amounts of progression, as have education and health care.

Schmierer stated that IMF predictions put Oman’s growth rate for 2011 as high as 4.2 percent. When compared to the global fiscal conditions, the ambassador said this forecasted growth rate is very positive. Oman has signed a Free Trade Agreement (FTA) with the US, making them close business and trade partners.

This FTA will encourage economic growth in both Oman and the US. American firms will be drawn to come into the attractive climate of business currently seen in Oman. The sultanate now has smoother business procedures and has implemented updates to their business laws.

Schmierer stated that American firms could benefit from the conditions in Oman.

He pointed out that this FTA also opens up the American business market to Omanis that are looking to compete profitably in global business. Commercial rules and regulations will also be updated, including intellectual property rights as well as telecommunications and other concerns. The FTA will also encourage the creativity of individuals and entrepreneurs.

The American ambassador explained that the negotiations for the FTA began between Oman and the US, leading to the proposal of an agreement, further development on that proposal and finally resulting in the new law. Schmierer also spoke about why the United States is seeking FTAs with nations in the Middle East region.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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