(MENAFN- Muscat Daily) Muscat- The State Council on Tuesday at its third session gave assent to a report on the study pertaining to the establishment of free zones in Buraimi and Musandam.
The council decided to submit it to the Council of Ministers after including the remarks of the members.
The study was conducted by the Economic committee, stated a press release.
The session chaired by H E Dr Yahya bin Mahfoudh al Mantheri was held in the presence of members of the council and H E Dr Khalid bin Salim al Saidi, secretary general of the council.
The council discussed extensively the Economic committee's study on the 'Establishment of free zones in the governorates of Buraimi and Musandam'.
H E Sheikh Mohammed bin Abdullah al Harthy, head of the Economic Committee reviewed the efforts exerted by the committee relating to the study, which covered three areas.
The first one included economic, private and industrial freedom in the sultanate and its nature. The second focused on the challenges facing the sultanate's free and economic zones and the means of coping with them, while the third focused on the need to establish free zones in the governorates of Musandam and Buraimi, with the aim to attract foreign and domestic capital through investors.
Sheikh Harthy noted that the study discussed the main challenges facing the work of the free and economic zones.
He pointed out that the study has demonstrated the determinants to be provided for the establishment of free zones of Musandam and Buraimi, bearing in mind the need to strengthen the role of the private sector in the establishment and management of the proposed free zones by supervising their management and investment by the owners of these areas from the private sector.
The committee recommended considering the governorates of Musandam and Buraimi as free zones and that the government may identify and allocate parts of those areas in each governorate, and the two governorates will play an integral role with the existing free zones.
With regard to free zones and the logistics sector, the study recommended the amendment of the Free Zones Act (No 56/2002) in view of the current challenges; linking the free zones, special economic zones policy, and the logistics sector strategy to the policy of diversifying sources of income.
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