Business owners need to think with a new perspective and a novel approach towards customers to rebuild the economy, Pankaj Khimji, Director, Khimji Ramdas Group said at a webinar.

Speaking on the socio-economic impact of Covid-19, Khimji,recently shared his views through a webinar hosted by Oman Economic Review (OER) in association with Business Live Middle East (BLME).

Explaining the magnitude of the situation, Khimji outlined a strategy towards safeguarding business interests in Oman. He said: “Cash flow will be one of the major business challenges moving forward, with ramifications felt across the job market and real estate sectors. He added, “SMEs should be allowed to take timely loans to sustain their operations, with deferred payment options. This will improve liquidity in the market.”

The interactive session also discussed the impact on businesses of all sizes and the challenges within a market including the economic and geographical lockdowns. Hoping to generate a solution driven approach to the crisis, another vital dialogue was on how to re-boot the economy once open and how each business must responsibly operate to share and absorb the burden of the lockdown.

On the subject of going forward to stay afloat, Khimji added: “The aftermath of this pandemic requires business owners to think with a new perspective and a novel approach towards customers to rebuild the economy. Measures need to be taken to allay the fears of customers that will in turn allow certain washed-out sectors such as tourism to come alive again.” He also highlighted the need to build up food security, so future imports can be balanced.

Another session focused on the economic impact of Covid-19 on the public and private sectors within the Sultanate. The participants included Dr Adham Turki Al Said, Managing Partner, The Firm for Business and Economic Consulting; Majid bin Sultan Al Toky, Chairman, Dhofar Insurance Company and Stephen R Thomas, CEO, Renaissance Services.