Seminar discusses factors driving economic diversification in GCC
Muscat – Oman Chamber of Commerce and Industry (OCCI) is hosting a two-day seminar – 'Indicators of Gulf Economic Diversification' – in Muscat in partnership with Konrad-Adenauer-Stiftung's Regional Programme Gulf States.
The event, which started on Monday, has brought together experts from the Gulf Cooperation Council (GCC) countries to discuss key factors and strategies driving economic diversification in the region.
Held under the patronage of Rashid bin Amer al Musalhi, First Deputy Chairman of OCCI, the seminar is focused on measuring economic diversification and identifying progress in sustainable growth across the GCC.
H H Sayyid Dr Adham bin Turki al Said, Chairman of OCCI's Economic Committee, said the chamber is committed to supporting Oman Vision 2040 objectives by assessing economic diversification trends and setting clear guidelines for future development. 'GCC countries share a vision of prioritising economic diversification, especially given global economic fluctuations and shifting geopolitical realities,' he said.
The seminar will examine the current status of economic diversification in the region and the composite index used to measure progress.
Yousef bin Hamad al Balushi, Vice-Chairman of OCCI's Economic Committee, highlighted the growing role of the private sector in driving diversification efforts. 'Significant progress has been made, but there is still potential for further advancements, particularly through private sector engagement,' he said.
The first day of discussions covered economic diversification in Oman, the composite index for Gulf countries and sustainable growth strategies. The second day will feature sessions on key economic variables affecting GCC growth, diversification indicators and mechanisms to integrate local economic pathways with international markets.
The Konrad-Adenauer-Stiftung's Regional Programme Gulf States works with GCC countries to improve mutual understanding between the region, Germany and European countries.
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