The Ministry of Commerce, Industry and Investment Promotion signed a memorandum of cooperation (MoC) with Petroleum Development Oman (PDO), as part of the ministry’s endeavours to enhance cooperation between the public and private sectors.
The MoC was signed at the ministry’s headquarters by Dr Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, and Abdul Amir bin Hussein al Ajmi, PDO’s external affairs and value creation director.
The MoC aims to strengthen the partnership between the public and private sectors. Both the ministry and PDO aim to support Oman’s industrial sector by supporting the current industrial establishments and identifying future industrial investment opportunities to boost the competitiveness and generate in-country value (ICV) for the local economy. The deal also aims at supporting exports, creating job opportunities and enhancing integration between all sectors to support SMEs and augment services trade.
The MoC between PDO and the ministry included four industrial areas. The first area supports the Industrial Strategy 2040. The second area supports studying the sectors targeted in the ICV project, namely health, services, mining, transportation, logistics, technology, communications, tourism and waste management.
The third area aims to encourage strategic investment in these sectors through the 100 investment initiatives, in addition to the oil, gas and technology sectors. The fourth area targets developing an analytical industrial information platform to keep pace with the 4th Industrial Revolution and technological developments.
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