We have managed to reduce the customs clearance times and the system is now fully automated. The lecture covered a range of topics that concern investors and their relationship with governmental clients through construction and partnership contracts between public and private sectors. As regulators, our objective is to keep up with international standards and review our rules and regulations to be sure they are sound and acceptable. Khamis bin Abdullah Al Badi Executive Director. What does that strategy entail and how will it help Oman's development? We seek to integrate all the other government agencies for permits, licensing, and inspections into the system to make it easier and faster.
In this regard we consider the insurance sector investors in their own right, one of the largest in the market. Fast customs clearance is of no use if there is no one to store or transport the goods after they have cleared the port, so the private sector has to do much more in terms of both the soft and hard infrastructure as well. We have looked into it and conducted workshops to bring our stakeholders together and listen to them. We cannot attract businesses if this structure is not available. Now that we are implementing the strategy, the private sector is also part of this. We are trying to work with the government to prioritize some of the companies that are government owned.
The government is moving in the right direction, though the private sector also has to cooperate and become a key player in this. In addition to the corporate social responsibility that the company is doing, we are planning for more development and growth in order to accomplish an effective contribution to serve our beloved country under the wise leadership of his Majesty Sultan Qaboos bin Said God protect and look after him. In addition, we are proud to announce that these accomplishments are made by an Omani management and staff. We have looked at certain rail lines from particular mines to the ports. The second draft is ready, but now we need to gather the stakeholders again to explain it, get them to understand it, and buy into it.
The seminar was held in the presence of top Ashghal officials including Eng. Veriginie Colaiuta, a specialist in construction and commercial arbitration and a faculty at the Kings College, London. Abdullah Hamad Al-Atiyya, Assistant President, along with a number of directors, managers and senior employees. All Asyad's work is linked to the Oman Logistics Strategy 2040. The process is going quicker than previously imagined. That is part of pooling capital in order to finance economic projects in Oman.
His current role oversees a group of companies comprising more than 15 subsidiaries spanning three major ports with their associated free zones, transport companies including Oman Rail, as well as other logistical support entities. We have already started the consultation with the public. The bond market is another option to encourage investors to go beyond the banking sector. This is important for us to fulfill certain employment requirements because we have to find jobs for nationals. The fourth pillar is technology.
We also consider ourselves the most open market in the region when it comes to ease of access of doing business and own listed securities in the exchange. Al-Badi Group business is considered as one of the leading businesses in Oman as they are contributing in the construction and development process in various developmental and urban aspects. We had to look at market segmentation and identify the segments, products, or industries that we wanted to focus on. On the other side, we regulate the insurance sector, which has two main functions: to insure investors and to insure the public at large. For 2017, we hope to see a new takeover code issued, and it is in the final stages.
Rail will really unleash the true potential of mining in Oman and we are working closely with the mining industry. One of the differentiators for logistics and other sectors is how fast technology is adopted and how fast new technologies that are game changers are created. The truly great thing is that the wave of change has started and people are on board. Currently we focus on Oman's domestic rail network. The other element we are working on is sukuk. Asyad's role is also to push the private sector to invest as much as possible, for example to make a reliable warehousing and trucking system available in Oman. The group also contributes effectively in human resource development?.
The second pillar is the question of the sectors, industries, and commodities to focus on to differentiate Oman from other markets. As part of Tanfeedh, we have discussed and deliberated over these issues, agreeing that we need to establish a five-year plan that we can apply to all government-owned companies and consider certain criteria to prioritize the companies that should come first. By providing friendly and clear regulations that govern the capital market, we are encouraging foreign investment to come into the country. If we manage to bring some of these companies to the public, it would enlarge their shareholder base in the market and provide new products. The Foundation began constructing buildings including civil works such as electricity, plumbing and carpentry.