Omani citizens enjoy good living standards, but the future is uncertain with Oman’s limited oil reserves. The other sources of income, agriculture and local industries, are small in comparison and count for less than 1% of the country’s exports. Agriculture, often subsistence in its character, produces Dates, Limes, Grains and vegetables. Less than 1% of the country is under cultivation but, in general, food has to be imported. Industries contribute only with 4%, but there are governmental plans to increase this. Oil production is extracted and processed by Petroleum Development. Oil reserves are limited though and the proven reserves will run out in few years time. Oman has other mineral resources including Copper, Asbestos and Marble, but this is little exploited.
The Vision for Oman’s Economy 2020, adopted in 1995 charted the future path of the Sultanate for take-off towards self sustained growth in a private sector led and an export oriented economy with diversified sources of national income. Market oriented policies and private sector development are deeply rooted economic concepts and practices in Oman. The government has always regarded a dynamic private sector as the engine of prosperity and growth.
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Tourism visit: www.omantourism.gov.om