GRM 2010 GRM 2011

Abstract Details

Family Name:
Al Balushi
First Name:
Title of Paper:
Oman and the Indian Ocean: Economic Opportunities and Political Challenges
Paper Proposal Text :
Globalization has played a key role in stimulating economic growth around the world. Opening up the economy is expected to create demand for a broad range of industrial and consumer goods, resulting in more jobs, enhancing the pace of economic growth and creating more opportunities for entrepreneurs. Although globalization has advantages and disadvantages we shall argue, that most of the impacts are positive with appropriate policies to support or manage globalization. Although the Sultanate of Oman has a unique geographical location and a long history of achievements and wide range of relations with different countries around the world, to the extent that world Bank and UNCTAD have considered Oman as among the best investment and touristic destination in the region. Despite that, Oman still unable to maximize its comparative advantages to achieve a sustainable development and to move from being a rentier economy depends to a large extent on hydrocarbon revenues , expatriate workers and imports to satisfy the needs of its people from goods and services , to a balanced and sustainable economy.
This paper tries explores the possibilities for Oman to benefit from its advantages and relative fundamentals through deepening integration with the world economy, with a particular focus on the Indian Ocean rim countries. The Indian Ocean is the world's third largest ocean. It carries half of the world's container ships, one third of the world's bulk cargo traffic and two thirds of the world's oil shipments. Oman was among the founding counties and hosted a lot of its events.
This exploration will consist of three main sections. The first of these will present theoretical back ground concerning the world economic integration. The second section will look into the Indian Ocean rim countries association to find out its strengths and opportunities. The final section will show how Oman can play a vital role to make Indian Ocean rim countries association a success and best utilize it to face up to demographic, financial, and economic challenges and geopolitical shifts.