Labor Law improves the investment climate, strengthens Oman’s position in international indicators: Undersecretary for the Ministry of Economy

Muscat: Dr. Nasser bin Rashid Al Ma’awali, Undersecretary of the Ministry of Economy, said that the Labor Law is one of the most prominent laws governing the legislative framework of economic affairs in the Sultanate of Oman, where labor market and employment policies are a fundamental pillar of economic development.

In a statement to Oman News Agency, His Excellency added that the issuance of the labor law comes in line with the directions of Oman’s vision 2040 and the tenth five-year development plan 2021-2025, and is in line with the basic labor standards of the International Labor Organization.

His Excellency pointed out that the labor market and employment sector is an important potential and a basic engine for the future of the Omani economy, and the labor law is an important legislative tool, as the law will contribute to achieving the goals of the tenth five-year plan through the strategic program concerned with “reviewing laws and legislation related to the labor market”, and the other program concerned with “Developing and strengthening labor market policies” in the current five-year plan, leading to the strategic objective of the priority of the labor market and employment in Oman Vision 2040: “A labor market that is attractive to competencies and interactive and keeps pace with demographic, economic, knowledge and technical changes.

Dr. Nasser bin Rashid Al-Ma’awali stressed that the new provisions of the law will enable the private sector to lead the economic growth locomotive and achieve the desired integration, which in turn contributes to increasing labor productivity as a major determinant of economic growth.

His Excellency stated that the new provisions in the law will empower the private sector and overcome the challenges it faces, and the law has given clear importance to upgrading national capabilities and providing an attractive work environment for competencies commensurate with modern work patterns, related to working hours, flexibility, remote work, as well as the acquisition of skills that Keeping pace with the trend towards a diversified economy that promotes sustainability and innovation, as it is important to realize the skills based on modern means required by future jobs in various sectors of production, and the law will contribute to providing employment opportunities suitable for the Omani youth seeking work, indicating that Omanization is one of the controls stipulated in the new law, and we rely on it greatly so that the Omani citizen will have the greatest empowerment to lead the private sector in the coming time.

His Excellency touched on the social dimension of the Labor Law and stressed that the law was in line with what was stated in the Social Protection Law and in a way that guarantees all segments of society. For example, the law includes people with disabilities in addition to working women with privileges that guarantee their rights in this system, which contributes to achieving the program’s objectives.

The Strategic Plan of the Tenth Five-Year Plan “Policies and legislation that empower women socially and economically in line with the principles of human rights” included in the programs of the Tenth Five-Year Plan. His Excellency explained that the issuance of the law will improve the business environment and enhance market competitiveness, creating a competitive business environment that attracts investment and achieves the targets of the tenth five-year plan, such as the rate of investment to GDP of 27 percent, and 60 percent of the private sector’s contribution to total investments.

His Excellency the Undersecretary of Economics concluded by stressing that the law improves the investment climate, enhances the position of the Sultanate of Oman in international indicators, and supports the continuation of the economic growth momentum of the Sultanate of Oman.