MUSCAT, NOV 17
The Ministry of Commerce, Industry, and Investment Promotion launched yesterday, November 17, 2024, the Local Content Plan in the Industrial Sector, “Tasne’e”, under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy.
Speaking at the launch, Dr Saleh Said Salim Masan, Commerce and Industry Under-Secretary, highlighted the economic significance of the manufacturing sector. The contribution of manufacturing industries to the Gross Domestic Product (GDP) rose to RO 1.8 billion, achieving a growth rate of 10.1 per cent by the end of the first half of 2024, compared to the same period in 2020. Additionally, the manufacturing sector’s growth rate under the Tenth Five-Year Plan (2021–2025) has so far reached 7.5 per cent in real terms,” he stated.
Dr Masan also emphasised the significance of local content.
“Local content serves as a cornerstone for achieving the objectives of the Industrial Strategy 2040, as it aims to increase reliance on local resources and services within the industrial sector. This reduces the need for imports, creates new job opportunities, facilitates the transfer of knowledge and technology, and enhances the competitiveness of the Omani economy.”
He further added: “In this context, the Ministry of Commerce, Industry, and Investment Promotion has developed a comprehensive plan to empower local content in Omani factories. This plan includes initiatives to increase the share of local components in industrial sector procurement and to develop specialized training programs to enhance the skills of national cadres in alignment with the industrial sector’s
needs. It also seeks to encourage major companies to establish strategic partnerships with local firms to transfer knowledge and build capacity.” “This initiative aims to enhance reliance on local products, increase the share of local components in national industries, support small and medium enterprises (SMEs), and improve the efficiency of local supply chains. It also seeks to boost the competitiveness of Oman’s industrial sector, promote investment in value-added manufacturing industries, and achieve Oman Vision 2040’s goals of economic diversification and reducing dependence on imports,” he shared.
According to officials, the Local Content Plan centres on 31 key initiatives classified under three main pillars: The enhancement of local content components, Empowering manufacturers and suppliers, and Empowering Omani products.
The event also included the launch of “Itqan”, a programme designed to train and equip Omani youth within the industrial sector, with a focus on practical training opportunities in collaboration with higher education institutions and Omani factories.
The programme will include a job seeker training track, an upskilling track for current workers in the sector, and the training of higher education students.
Furthermore, the Ministry launched a programme, “Ta’meer” in collaboration with the Ministry of Housing and Urban Planning, in an effort to promote the use of local content within the construction sector.
As a result, several MoUs were signed with real estate developments for the use of local products in large scale construction projects, including the development of several neighbourhoods of Sultan Haitham City.
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