The Omani economy has been radically transformed over a series of development plans beginning with the First Five-year Plan (1976-1980). At Sultan Qaboos's instruction, a vision of Oman's economic future up to the year 2020 was set out at the end of the first phase of the country's development 1970-1995. Vision 2020, outlined the country's economic and social goals over the 25 years of the second phase of the development process (1996-2020).
Oman 2020, held in June 1995, has developed the following aims with regard to securing Oman's future prosperity and growth:
* To have economic and financial stability
* To reshape the role of the Government in the economy and to broaden private sector participation
* To diversify the economic base and sources of national income
* To globalize the Omani economy
* To upgrade the skills of the Omani workforce and develop human resources
A free-trade agreement with the United States took effect 1 January 2009, eliminating tariff barriers on all consumer and industrial products. It also provides strong protections for foreign businesses investing in Oman.
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