Oman Vacation Trips
Oman Economy - Development Plans

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The Omani economy has been radically transformed over a series of development plans beginning with the First Five­-year Plan (1976-1980). At Sultan Qaboos's instruction, a vision of Oman's economic future up to the year 2020 was set out at the end of the first phase of the country's develop­ment 1970-1995. Vision 2020, outlined the country's economic and social goals over the 25 years of the second phase of the development process (1996­-2020).

Oman 2020, held in June 1995, has developed the following aims with regard to securing Oman's future prosperity and growth:

* To have economic and financial stability
* To reshape the role of the Government in the economy and to broaden private sector participation
* To diversify the economic base and sources of national income
* To globalize the Omani economy
* To upgrade the skills of the Omani workforce and develop human resources

A free-trade agreement with the United States took effect 1 January 2009, eliminating tariff barriers on all consumer and industrial products. It also provides strong protections for foreign businesses investing in Oman.


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2019-05-22T20:38:53-04:00