Oman well placed for diversified industry, says Korean ex-minister

Muscat: Leadership, combined with proper plan of industrialisation, financing and human capital, are crucial for the success of industrial diversification and economic prosperity of any nation, said Joong Kyung Choi, former minister of Knowledge Economy, Republic of South Korea.
A veteran finance official, who has served in key finance posts in the South Korean government, said this while delivering a talk on “The Success Story of Korea’s Economy” at the College of Economics and Political Science, Sultan Qaboos University (SQU).
“From South Korea’s experience since 1970s, industrial diversification is the main driving force of economic development. Development of human capital is equally important for maintaining a sustainable economy. The government has a vital role to play in formulating a plan and laying the roadmap for industrial diversification. Government intervention within and outside the market in the form of huge investments, research and development, credit guarantees, etc. is vital for industrial growth and diversification,” Choi said.
He also expressed the opinion that Oman is well positioned to have a diversified industry, which is necessitated by the fall in oil prices.
He praised Oman’s efforts to promote small and medium enterprises as part of its economic diversification plans and advised the government to provide credit guarantee for new technology-based entrepreneurs.
As prerequisites for developing human capital and promoting capacity building, Choi suggested fair recruitment and admission policies to mobilise talent regardless of the background of the candidates.
Over the past four decades, South Korea has demonstrated incredible economic growth and global integration to become a high-tech industrialised economy. During the 1960s, gross domestic product per capita was comparable with levels in poorer countries in Africa and Asia.
In 2004, South Korea joined the trillion-dollar club of world economies.
A system of close government and business ties, including directed credit and import restrictions, initially made this success possible.
Later, Choi held a meeting with Dr Ali bin Saud Al Bimani, the vice chancellor of SQU and discussed ways of enhancing cooperation between Korean institutions and SQU to facilitate training for faculty and students at SQU.