MUSCAT: The Ministry of Commerce, Industry and Investment Promotion has plans to establish a Manufacturing Innovation Centre alongside an initiative to harness clean energies of the future to accelerate the growth of the manufacturing sector in the Sultanate of Oman.
The announcement came during a presentation by a Ministry official during a ‘Ramadhan forum’ hosted by Oman Chamber of Commerce and Industry (OCCI) at the Invest in Oman hall at the Civil Aviation Authority HQ on Tuesday. It was held under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce and Industry and Investment Promotion, with a number of business leaders in attedance as well.
Speaking at the event, Hamida bint Abdulhussein al Lawatiya, Director of the Industrial Strategy Execution and Evaluation Department at the Ministry, stressed the importance of the industrial sector in creating job opportunities, increasing productivity, and promoting growth in other sectors.
To this end, the Ministry plans to develop and enhance the manufacturing sector through a number of initiatives, notably by establishing a task force, setting up the Manufacturing Innovation Center as an energy pivot, prioritizing strategic industries, and setting up clinics to resolve projects related to the manufacturing sector.
Hamida al Lawati also outlined initiatives and programs related to the 2040 Industrial Strategy, focusing on knowledge-based, natural resource-based, and capital-intensive sectors. She highlighted the success of laboratory projects which resulted in 24 investment opportunities, 12 of which are ready for implementation, and 12 in the development phase, along with 14 other investment opportunities.
The official also unveiled two future industry initiatives, namely "Empowering Factories Using Fourth Industrial Revolution Technologies" and "Green Industrial Cities and Smart Cities." She also outlined four empowerment initiatives under the financing and investment pillar, including easy access to industrial project financing, developing entrepreneurs' financial and managerial abilities, the Investor Lifecycle initiative, and the amendment of bankruptcy laws to redefine affected companies.
Other legislative initiatives in the pipeline include a proposed amendment of Income Tax and Value-Added Tax laws, enhancing the competitiveness of national products, and aligning vocational education outputs to meet industrial sector needs.
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