Muscat: An Omani businessman expressed fears of smaller entrepreneurs losing out to major traders with the introduction of GCC common market from January 1, but top government and the Oman Chamber of Commerce and Industry officials dismissed any such threat.
"There's a danger for smaller traders of being completely overshadowed by big business houses in an open environment," Abdullah Al Shanfari, a medium-scale entrepreneur in Oman, told Gulf News yesterday.
He was also apprehensive about the practical working of the Gulf common market proposal.
Integrated customs
"Some time back it was decided to have customs union between the GCC states but it has not worked in reality and in similar way the common market might not work. We would have wait and see," he said.
Ahmad Al Deeb, Undersecretary at the Ministry of Commerce and Industry, hailed the GCC leaders' decision to introduce common market from January 1 and urged the business community to look at the positives and grow with it.
"I don't think the decision could be a threat to any businessman," he told Gulf News.
Al Deeb felt it is a great opportunity for every business to grow in a common market. Al Deeb also advised medium and small entrepreneurs to spread their wings to other GCC countries as well.
"In Oman we will implement the decision in a good environment for all GCC business people," the Undersecretary assured. "It would bring in investment not only from one GCC country to another but also from outside the Gulf."
Referring to fears of bigger entrepreneurs monopolising the market, Khaleel Al Khonji, President of the Oman Chamber of Commerce and Industry (OCCI), said the apprehensions were illogical.
"Even earlier Gulf nationals had freedom, limited though, to do business in other GCC countries. Now it will be more open," Al Khonji said.
Fouad Jaffer Al Sajwani, a newly elected Majlis Shura member, welcomed the decision, particularly the equal rights of employment for all GCC nationals.
"All of us have been looking forward to this decision [of equal employment rights]," he said.
He said that it will bring all GCC nationals closer.
"With one common market and equal employment rights, the Gulf nationals will come closer to each other," he told Gulf News.
Wait and watch
He stressed that the onus was on the citizens to respond to the decision taken by the leaders and put it in practice. "We have to see how these decisions are being implemented," he said.
Al Sajwani, who was Vice-President of Central Bank of Oman until his election to the Shura, said Oman was still not ready for the Common Gulf currency.
"We need more time to accept the concept and in practicality it would not even be possible to print the common currency before 2010," he said.
