Sultanate will welcome its second position at the Arab level and 25th at the international level with 4.86 points in the Global Enabling Trade Report, published by the World Economic Forum (WEF) recently.

It has climbed up four positions from last year’s ranking. The recognition by the world body indicates the success of our trade policies and is one more addition to the many achievements of Oman as it prepares to celebrate the 42nd anniversary of the Blessed Renaissance. Sultanate was placed second after the United Arab Emirates while Saudi Arabia was third followed by Bahrain, Qatar, Jordan and Tunisia.

The yardstick which WEF employs to judge various countries broadly comprises access to the markets, border controls and administration procedures, infrastructure and business environment. The nation will be proud of this latest acknowledgement of how well it manages its trade, both in the region as well as with the rest of the world.

Sultanate’s government is aware of the vital necessity of ensuring economic security and, consequently, boosting infrastructural and social development. Much has been achieved in this direction, particularly now that projects and administrative procedures regarding trade and investment in the country, which were earmarked in the Seventh Five-Year Plan, are greatly adding to the positive results of the past four decades.

Under a healthy and competitive business environment entrepreneurs and trades people find ready access to the Sultanate’s markets through smooth and quick procedures. In fact, the business-friendly atmosphere has been much appreciated by the Sultanate’s multi-cultural business community, and it is this approach which acts as a catalyst for business growth and contributes to the overall economy.

The reason for this is not far to seek: Oman is recognised globally as an oasis of peace and Omani citizens as being traditionally friendly and hospitable.

Sultanate has won many laurels for its business practices – last year independent think-tank Fraser Institute’s 2011 world economic report highlighted the country’s record as a target achiever by placing it 28th out of 141 countries.

This reflected an expert measure of various indicators that were taken into consideration by the Canadian institute when publishing its annual report. These included five broad areas like size of government expenditure, legal structure and protection of intellectual property rights, the monetary and financial policy, free trade exchange and commercial and governmental regulation.

These areas were individually ranked before the overall ranking was determined as 7.34 points out of 10 for the Sultanate. Such reports are pointers to economic and social development in all sectors of the economy – they indicate advancements in education, social and legal fields and also reflect the freedom exercised by individuals in the social, economic, educational and cultural fields.

Our 25th place at the international level in the Global Enabling Trade Report is creditable considering that a total of 132 countries were assessed by WEF. Singapore topped the ranking, followed by Hong Kong, Denmark, Sweden, New Zealand and Finland. Accolades by international organisations reflect the success of the Sultanate’s economic policies and assure citizens and residents of a brighter future in this direction.