Industrial sector plays crucial role in achieving Oman Vision 2040
Published: 05:05 PM,May 22,2024 | EDITED : 09:05 PM,May 22,2024
Qais bin Muhammad al Yousef, Minister of Commerce, Industry and Investment Promotion, and other dignitaries at the Al Roya Forum in Muscat on Wednesday.
Oman's industrial sector is poised to play a pivotal role in achieving Oman Vision 2040, according to Mazen bin Humaid al Siyabi, Assistant Director- General of Industry at the Ministry of Trade, Industry and Investment Promotion (MOCIIP).
Delivering the opening speech at the Al Roya Economic Forum held under the auspices of Qais bin Muhammad al Yousef, Minister of Commerce, Industry and Investment Promotion, Al Siyabi stressed that since the 1970s, the manufacturing sector has witnessed rapid growth and the percentage of its contribution to the Gross Domestic Product (GDP) has increased significantly over the past years.
He added that despite the fluctuations, this sector has become an essential factor in advancing the economy since the beginning of the era of the Fourth Industrial Revolution. The contribution of manufacturing industries to the GDP of Oman in 2023 amounted to more than RO3 billion.
The industrial sector by the end of the fourth quarter of 2023 attracted foreign direct investment of more than RO1 billion.
'These data clearly reflect the important role played by the industrial sector in the economy of the Sultanate of Oman, and strengthening manufacturing industries to support the economy and enhance the export capacity of the Sultanate of Oman is of crucial importance.'
Al Siyabi further pointed out that the ministry is currently implementing a set of initiatives within the framework of the Industrial Strategy 2040. With the aim of supporting the national product and enhancing its competitiveness, both at the local or international level.
Al Siyabi further said that the Made in Oman campaign is part of such development initiatives which aims to promote national products and give them priority in government procurement processes, in addition to creating a digital platform that promotes local products and services.
'The ministry is also working to improve the efficiency of the industrial sector, such as encouraging the adoption of industrial revolution technologies and the like,' he said.
Delivering the opening speech at the Al Roya Economic Forum held under the auspices of Qais bin Muhammad al Yousef, Minister of Commerce, Industry and Investment Promotion, Al Siyabi stressed that since the 1970s, the manufacturing sector has witnessed rapid growth and the percentage of its contribution to the Gross Domestic Product (GDP) has increased significantly over the past years.
He added that despite the fluctuations, this sector has become an essential factor in advancing the economy since the beginning of the era of the Fourth Industrial Revolution. The contribution of manufacturing industries to the GDP of Oman in 2023 amounted to more than RO3 billion.
The industrial sector by the end of the fourth quarter of 2023 attracted foreign direct investment of more than RO1 billion.
'These data clearly reflect the important role played by the industrial sector in the economy of the Sultanate of Oman, and strengthening manufacturing industries to support the economy and enhance the export capacity of the Sultanate of Oman is of crucial importance.'
Al Siyabi further pointed out that the ministry is currently implementing a set of initiatives within the framework of the Industrial Strategy 2040. With the aim of supporting the national product and enhancing its competitiveness, both at the local or international level.
Al Siyabi further said that the Made in Oman campaign is part of such development initiatives which aims to promote national products and give them priority in government procurement processes, in addition to creating a digital platform that promotes local products and services.
'The ministry is also working to improve the efficiency of the industrial sector, such as encouraging the adoption of industrial revolution technologies and the like,' he said.