The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) announced 50 different investment opportunities in the industrial sector on Monday.
With this, it aims to attract investments worth RO200mn through the ‘Invest in Oman’ portal.
‘The areas for investment opportunities include the food products sector, mining, paper and plastic industries, petrochemicals, construction, metallic and non-metallic products, and the electrical equipment industry,’ a ministry statement said.
At the announcement ceremony, H E Dr Saleh bin Said Masan, Undersecretary for Commerce and Industry in the ministry, said, “Oman Vision 2040 is focused on economic diversification to support the economy. The launch of these investment opportunities is line with the objectives of the vision and the sultanate’s industrial strategy. It is also the fruition of cooperation between the ministry and several partners, including Madayn, Petroleum Development Oman and the Oman Chamber of Commerce and Industry.”
According to H E Masan, the government is working on promoting the industrial sector as it is “a pillar of the national economy to achieve self-sufficiency and reduce imports. The sector represents a tool for the development of other economic sectors. The contribution of industries was more than RO3bn in 2019, or ten per cent of the GDP”.
The value of non-oil merchandise exports increased to RO2.3bn in 2019, compared to RO1.8bn in 2009, according to National Centre for Statistics and Information figures, H E Masan informed.
Also speaking at the launch, H E Aseela bint Salem al Samsamiyah, Undersecretary for Investment Promotion in MoCIIP, noted that these investment opportunities will add economic as well as social dimensions related to sustainable development plans in all the governorates, and positively affect the performance of the whole country and its development plans.
Redha Juma al Saleh, chairman of Oman Chamber of Commerce and Industry, said, “This investment initiative in the industrial sector aims to stimulate the market and create projects that contribute to creating job opportunities and employing Omani cadres.
“It is also an opportunity for business owners to diversify their projects and expand into industrial innovation on which the Fourth Industrial Revolution is based. Industry 4.0 is significant to Oman’s strategic plans.”