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Oman

 
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Oman

Agriculture and Fishing

[JPEG]

Falaj Alin at Al Jabal al Akhdar; the falaj is an ancient irrigation system used for Omani agriculture.
Courtesy Embassy of the Sultanate of Oman, Washington

[JPEG]

Al Jabal al Akhdar, showing terraced farming in one of Oman's main agricultural areas
Courtesy Embassy of the Sultanate of Oman, Washington

The government's economic development policy emphasizes the expansion of such non-oil sectors as agriculture, fishing, industry, and mining in its bid to diversify the economy and diminish its dependence on oil exports. The goal is to establish a sustainable economic base in preparation for the time when hydrocarbon reserves are depleted. The government launched several economic campaigns, naming 1988 and 1989 as Years of Agriculture and 1991 and 1992 as Years of Industry. Through these campaigns, the government has encouraged private-sector investment by allocating generous amounts of cash support for private industry to be disbursed mainly through official development banks. For example, the Oman Bank for Agriculture and Fisheries, created in 1981, extends loans at concessionary rates to individuals for whom farming or fishing is the principal activity. The bank acts as a distributive institution, receiving an interest subsidy from the government. In 1990 there were 1,308 loans, totaling RO4.7 million. Development programs also incorporate the government's policy of indigenization, with a large component of funds allocated for domestic technical training and academic training, often in the United States or indeveloping countries.

Data as of January 1993

Oman - TABLE OF CONTENTS

  • Oman -- The Economy


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