Yusuf Nalwala is one of the most known faces in Omani business circle. Now Managing Director of Al Ansari group of companies, Mr Nalwala remembers coming to Oman in February 1977.He is witness to Oman’s journey of development…
PRAVASISAMWAD.COM
The global economy has started showing a positive trend after two years of Covid-induced recession. Many livelihoods are dependent on the recovery of the economy. The governments are taking steps, so are the consortiums and businessmen and individuals.
Businessmen have yeomen challenges and responsibilities. They are not lagging in doing their best to bring the economy back on track.
Yusuf Nalwala is one of the most known faces in Omani business circle. Now Managing Director of Al Ansari group of companies, Mr Nalwala remembers coming to Oman in February 1977. He is witness to Oman’s journey of development, which is a success story even for many developed countries to understand and emulate.
Recently he was given long-term residency visa on the inaugural day of the scheme in recognition of his contribution to the country .
Talking to Oman Observer, Mr Nalwala appreciated the long term residency programme calling it a positive step towards reinforcing an entrepreneur’s confidence in the country.
“Any business needs time to settle and flourish. Two-year visas did not give that encouragement. Although the visa got renewed every two years, yet it did augur concern. Now, this system is going to change people’s perception. In fact, it clearly shows that the government cares and encourages people to trust and prosper along with the country,” he said after receiving the long-term residency permit on its inaugural day.
Commenting on the possibility of the revival of the economy, Yusuf Nalwala said, “Sustainable recovery for the economy normally comes from the GDP. Oman is witnessing increased oil prices, positive steps by the government to reinforce confidence in the investor. If both these factors continue, Oman’s economy is bound to bounce back with a thumping speed.”
Commenting further to Pravasi Samwad, Mr Nanwala called for simplified bureaucratic procedures and bold, inclusive steps to give a boost to the economy.
“…The business community has suffered a lot due to Covid restrictions and lower cash flow in the market for the last two years. A positive outlook will replace this pessimistic approach. That certainly will give impetus to the economy. Most importantly, the government must continue to promote business. There should be inclusive steps that do not differentiate from locals and expats. This common rule, common treatment will imbibe confidence and belongingness…These are the motivators and promoters of economy,” he said.
Mr Nalwala called for a long term strategy to have enough locals educated and trained with good experience to replace the expat workforce. “Till we reach that threshold point we must gradually move to Omanization. Not abruptly putting the category to be Omanized completely. This will destroy the business”
Commenting on the challenges of the businesses, he said, “Amongst many the paucity of cash flow is one of the prime factors. People need cash to remain in business. For couple of years the payments in the contracting industry has shrunk significantly. This is no secret. On top of that, banks are tightening the noose. Reducing credit facilities and increasing the lending rates. Times when people need concessions the system becomes more vigilant and non-friendly.”
“Ministry of Manpower is doing its job to improve Omanization. That certainly is the need of the hour. Yet it needs to be more friendly and efficient. Whilst absorption of Omani is very essential to keep the social balance, let us accept the fact that certain arduous , pains taking skills are still not acquired by our locals. We need to keep such appointments open to expats till enough locals have been trained experienced and made available.”
Mr Nalwala called for a long term strategy to have enough locals educated and trained with good experience to replace the expat workforce. Till we reach that threshold point we must gradually move to Omanization. Not abruptly putting the category to be Omanized completely. This will destroy the business.
“We need to release more projects, clients must pay money at the faster pace, banks must be open and sympathetic and Ministry of Manpower to be practical and hear out the woes of all the sectors. Decide policies in consultation with the industry experts. Review the standard conditions of the contract, which do not protect contractors’ interests and appear to be totally safeguarding clients interest only.”
He called for schemes for the revival of low-income businesses that are facing complete closure, at the same policies even for big businesses to give them a chance to revive. “Covid indeed has done great damage to the world economy,” he said.
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