The globalization of trade has greatly expanded the options for manufacturers seeking to establish their operations in different parts of the world. However, critical factors must be considered when weighing the benefits and risks in choosing between scientifically-advanced manufacturing companies versus technologically -matured global manufacturing companies.
One of the critical factors to consider is the level of technological advancement required for manufacturing advanced scientific products, which requires a high level of expertise and innovativeness to create. In contrast, technologically-matured manufacturing companies rely on proven, relatively simple, established techniques. In attracting international manufacturers of scientifically-advanced products, it is crucial to consider the level of expertise available locally. The local workforce may require significant training and development to achieve the necessary level of knowledge, which could result in longer start-up times and higher initial investments.
On the other hand, technologically-based global manufacturing companies require relatively less technical expertise. However, it shall mean a lower return on investment due to the need for more creative content in their products. Therefore, balancing between attracting international manufacturers of scientifically-advanced products and accepting technologically-matured global manufacturing companies requires weighing the costs and benefits associated with the level of technical content required for the manufacturing process.
The availability of local and foreign skilled workers is also a critical factor to consider. Scientifically-advanced products require a highly competent and skilled workforce with in-depth knowledge in specialized fields. In contrast, mature technology-based manufacturing companies need a skilled workforce that may be less specialized. Attracting international manufacturers of advanced scientifically based products may require significant investment in hiring knowledge workers and hands-on training to create a skilled local workforce. In contrast, accepting technologically-matured global manufacturing companies may require a more general training program that may be less costly.
Balancing the right mix between attracting international manufacturers of scientifically-advanced products and technologically-matured products companies, Oman needs to seriously consider its readiness to embrace scientific and technological advancements, especially the availability of a skilled workforce. The decision should be derived from well-informed results of a thorough analysis of the needs and available options, aiming to create a favorable environment for both industries. Ultimately, the goal should be establishing a sustainable, diverse, and technologically advanced local manufacturing sector that provides the platforms for the region's sustainable economy.
Muhanna Al Zuheimi
muhanna.it@gmail.com
+968 95389850
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