Answer

Tanfeedh initiative is introduced by Oman for their diversification of the economy. This is also the innovative approach for the economic diversification in that country. Before discussing the importance of this approach, let mention some history behind this valuable approach. This is basically a government initiative that only works on making a link between different sectors like manufacturing, transport and other departments. This is because, through this, it will help the country to be diverse the national income. The best benefit of this approach is that it works on sustainable participation between the public and private sector of the country.

This approach will also identify many challenges and opportunities that are present in government projects. This can be done by outlining the roadmap and problems that occurred during the project. There are some main objectives of Tanfeedh that will tell the importance of this approach for the government (Holt & Jamison, 2009).

The main objective of this approach is that it will help to accelerate the pace of diversification plans for the economic activities of the country. It will become extremely easy to manage a different department that contributes to the economic growth of the country. It will also help the government official to assist them in utilizing different important resources of the country in a proper way. The government is able to put this money for their budget, then there will be a good economic return. After this, the next objective is that it will help the government to achieve different goals and beneficial programs for the economic diversification in the country. The most important objective is that it will provide a proper plan for increasing domestic and foreign investment in Oman. This approach will help the country to enable the Sultanate by upgrading competitiveness in different social and economic indicators. It will also help small and big organizations in that country in completing different projects. This approach helps the country to solve many problems that are related to economic. Then it will enhance the efficiency of the operation and also give strength to the basic operations of the country. these are all the reason that will give proper information about this approach for the diversification of economic growth in Oman (Jalava & Pohjola, 2002). 

References of Tanfeedh initiative for diversification of economy so important for Oman? 

H. Rept. 116-9, 2019. CONFERENCE REPORT AND EXPLANATORY MATERIAL STATEMENT ON H.J. RES. 31, FURTHER CONTINUING APPROPRIATIONS FOR DEPARTMENT OF HOMELAND SECURITY, 2019, SUBMITTED BY MRS. LOWEY, CHAIRWOMAN OF THE HOUSE...; Congressional Record. [Online]
Available at: https://www.congress.gov/congressional-record/2019/2/13/house-section/article/h1589-2?q=%7B%22search%22%3A%5B%223d+guns%22%5D%7D&s=2&r=5

Holt, L. & Jamison, M., 2009. Broadband and contributions to economic growth: Lessons from the US experience. Telecommunications Policy, pp. 575-581.

Jalava, J. & Pohjola, M., 2002. Economic growth in the new economy: Evidence from advanced economies. Information Economics and policy, pp. 189-210.