With an aim to implement the Manufacturing Strategy 2040, and as part of the initiatives of the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), it will announce 50 investment opportunities in the sultanate’s industrial sector on Monday.
The announcement will be made at a ceremony to be held under the auspicious of H E Qais al Youssef, Minister of Commerce, Industry and Investment Promotion, in the presence of several undersecretaries, ambassadors accredited to Oman, businessmen, and representatives of chambers of commerce and industry of GCC countries.
The new opportunities are expected to attract investments of about RO200mn, besides opening avenues of diversification in the industrial sector across the sultanate, which in turn will raise the contribution of the manufacturing sector to the GDP of the country, a press release stated.
According to MoCIIP, the contribution of the industrial sector to Oman’s GDP in 2020 till September exceeded RO4.1bn, while the contribution of manufacturing companies’ shares in the capital market in January 2021 was 25 per cent of the total value of shares traded on the Muscat Stock Exchange. The value of non-oil commodity exports in 2019 increased to RO3.23bn, compared to RO3.17bn in 2017.
Sami bin Salim al Sahib, director general of industry in MoCIIP, has stated that the ministry’s action plan is compatible with Oman Vision 2040, which aims at diversification and enhancing economic growth, creating new job opportunities, raising the sultanate’s ranking in international indicators, strengthening local value addition, promoting foreign direct investment, achieving balanced development across the governorates of the sultanate and enhancing exports.
Sahib informed that the proposed investment opportunities are in varied fields in the industrial sector, including mining, quarrying, product manufacturing in food, paper, chemicals, rubber and plastics, non-metallic products, base metals, electrical equipment, machinery, transportation equipment, and waste collection, treatment, disposal and material recovery, in addition to HVAC assembly plants and establishment of a Centre of Excellence for Food Industries.
According to Sahib, by presenting these initiatives, the ministry aims to facilitate procedures for investors, contribute to promote investment opportunities, and attract high quality investments in sectors that can enhance economic diversification.
These efforts will improve trade balance, enhance market share of Omani products, ensure free competition rules, enhance the principle of decentralisation, and develop a competitive business environment in the country.