Thursday, September 16
11:28 PM

Industrial sector contributed over RO3.29bn to GDP

9 Feb 2021

Oman’s industrial sector contributed over RO3.29bn to the country’s GDP until September 2020, reflecting a strong growth in the sector over the past 50 years of the Blessed Renaissance led by the Late His Majesty Sultan Qaboos.

The Late His Majesty Sultan Qaboos displayed his keenness in supporting the industrial sector through the establishment of industrial zones and promotion of national products. 

Eng Sami bin Salim al Sahib, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said, “The industrial sector contributed RO3,296,400,000 to the GDP until September 2020.”

The manufacturing sector, he said, “contributed RO1.59bn to the GDP until September 2020”. Reflecting on the growth of the industrial sector, Sahib said, “The number of industrial licences issued in 2020 rose to 12,176 from 9,161 in 2019.”

“The sector’s export was to the tune of RO4.3bn in 2018,” he added.

Oman’s much-appreciated Industrial Strategy 2040 encompasses a number of promising sectors based on knowledge and technology as well as capital-intensive industries and natural resources industries. 

“The Industrial Strategy 2040 was prepared in alignment with the Oman Vision 2040. The Ministry of Commerce, Industry and Investment Promotion, in cooperation with the Public Establishment for Industrial Estates (Madayn), strives to increase the number of industrial estates in some governorates of the sultanate,” said Sahib.

The industrial strategy aims to diversify manufacturing and transform them into activities based on knowledge and technology. It is also aimed at boosting the sultanate’s exports of manufacturing products and entering emerging markets on both regional and international levels. 

Zahra bint Ali al Siyabiya, director of the Department of Industrial Development at the ministry, said that the ministry would continue to support the existing industrial establishments by facilitating the process of purchasing their products in cooperation with the relevant authorities.

This would be done conforming to specific criteria, the most important element of which is their compliance with the specifications of the concerned authorities and the provision of the required quality, she added. 

Zahra informed that the ministry is studying new industrial investment opportunities and ways to attract investors. 

“To achieve this, the ministry has been concerned with formulating the concept of local added value in the sultanate and discussing its implementation mechanisms, taking into account the adoption of best international practices in this field.”

Eng Saeed bin Nasser al Rashdi, CEO of the Omani Industrialists Association, said that the Omani Industrialists Association, since its inception, has been taking the initiative to communicate with all relevant authorities in the industrial sector in order to coordinate efforts and integrate the sector. 

“There is no doubt that there are great challenges that need to be dealt with on an ongoing basis, and the association can be the desired link between the industrial sector and the bodies responsible for it,” he added.


© 2021 Apex Press and Publishing. All Rights Reserved.