Human capital will play the central role in shaping the trajectory of the Sultanate of Oman over the next few years. People are the greatest assets of economies on the rise, the skills, knowledge, and innovation, which they possess and accumulate will makes huge impact.
It’s been seen that human capital explains up to two thirds of income differences across the world.
Over the years, two measurements have been used to get a sense of how well a country is doing. One is GDP, or gross domestic product, the amount a country earns. The other is its unemployment rate.
When it comes out how well a country is serving its citizens, the Sultanate of Oman is certainly standing tall, as the nation has been investing in human capital over the years now.
The result is proven. The Sultanate of Oman is currently geared up with supply of homegrown talents in areas such as service, banking, tourism, energy, industries, construction, manufacturing, and information and communication technology.
It is hard to build prosperous, inclusive, and resilient economies that can compete and succeed globally with the rapidly growing and changing skills demands of technology-intensive century.
The government has been extremely focused on delivering access to high-quality basic education which plays the critical role in creating much needed human wealth.
The foundation for human capital is in fact set long before students get to the level of higher education. There is a huge body of medical and socioeconomic evidence showing that investing in the early years — in the nutrition, stimulation, and protection of children — is essential to ensure future productivity and economic growth.
According to the Global Index of Terrorism, the Sultanate of Oman is one of the few countries that has a zero-terrorism rate.
That’s not only because of the great efforts and dedication of the police forces and the army, but also because of the care of the Omanis themselves. They sincerely care about their country, its reputation and the well-being of its residents, and that’s why they do everything they can to maintain its safety and peacefulness.
‘Vision 2040’ is going to be turning point in the history of the Sultanate of Oman. The government has embarked upon a total change in the economy and its administration, such a rapid visualisation and conceptualisation of achieving the noble objectives and deployment of tremendous number of human resources.
The plan emphasises on strengthening of sustainable human development and safeguarding human capital by developing the school and university education system to raise the level of education and to enhance the competitiveness of graduates in the local and global markets.
Building a higher level of technical-scientific skills is one of the surest ways to better prepare the youth expected to enter labour markets every year in a changing world.
Oman will require tens of thousands of professionals to steer the economy to achieve the objectives of Vision 2040. They are the custodians of the national wealth and they are the conscience keepers of the economy. Omanis in every aspect respect their culture and traditions. They are respectful, kind, helpful and very sympathetic.
The bottom line is that human capital will be the ultimate asset for this century, offering more provident prospects for prosperity for all, in the days to come. The Sultanate of Oman will certainly lead by example by its people – its greatest asset.
Dr Anchan C K
The writer is an advisor on business, economy and investments
