Strong support essential for resilient, sustainable economy: OCCI

Muscat: Providing good support in the form of training, legislation and finances are essential to create a solid and sustainable economy that provides community prosperity and good living standards for individuals.

According to Rida bin Juma Al Saleh, chairman of the Board of Directors at the Oman Chamber of Commerce and Industry, the OCCI is ready to provide its inputs regarding provisions and measures necessary to build a resilient economy.

OCCI’s suggestions came during their Ramadan evenings, a series of discussions held during the past month that highlight key areas of Oman’s economy the ways in which they can be made better. Held under the auspices of Qais Al Yousef, Minister of Commerce, Industry and Investment Promotion, another key topic of discussion at the event was cooperative shops in Oman, as are present in a number of other countries of the Gulf Cooperation Council (GCC).

“Consumer cooperatives undoubtedly open more options for different consumers, giving them a chance to obtain various commodities,” said Al Saleh. “These cooperatives can integrate with other stores and thus play a vital role in providing consumer goods and services at reasonable and competitive prices.”

Consumer cooperatives occupy an important place in global economies as the latest estimates indicate that cooperative economies around the world are valued at about $2.5 trillion.

There are about one billion cooperative members around the world, which indicates that the development of a well-established and sustainable cooperative sector contributes to raising the state’s GDP volume, and makes this sector able to respond to the society’s economic and social needs.

Dr. Yousef Bin Hamad Al Balushi, founder of Smart Investment Portal, said, “Community companies in the governorates would create an appropriate environment to mobilise savings, expertise and experience of community people and direct them towards financing productive projects.

“They would also contribute to strengthening the governorate’s leadership in various fields and sectors, optimally use natural resources and make use of various opportunities available in the governorate, as well as provide job opportunities for people and undertake social responsibility to aid development.”

Mortada bin Hassan, an economist, added: “If we want to think of associations, it must be in specific areas and for specific services and we have to turn to ideas such as farmers’ support and product improvement.”

Adding to this, Saleh bin Mohammed Al Shanfari, CEO of Oman Food Investment Holding Company, said, “There must be initiatives and understanding of the needs of expansion in terms of the possibilities that could arise and to deal with reality in a commercial and professional manner, based on purely commercial foundations.”
Many of the assembled also shared their experiences about setting up cooperatives.