Muscat: The Ministry of Commerce, Industry and Investment Promotion has expressed its appreciation for the recent directives from His Majesty Sultan Haitham bin Tarik regarding the Industrial Strategy 2040. These directives include the transformation of limited liability companies into joint stock companies (closed), among other initiatives.
The ministry has emphasized the significant role and contributions of the manufacturing sector, which is the second most important sector in terms of its contribution to the Gross Domestic Product (GDP), following the oil and gas sector.
Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, highlighted the industrial sector as a key pillar for economic diversification in Oman. He stated that by the end of 2023, the sector had already contributed 9% of the GDP at current prices.
Al Yousef further explained that the Industrial Strategy 2040 was developed in partnership with the United Nations Industrial Development Organisation. This collaboration ensures that Oman remains up-to-date with the latest international economic developments and aligns with the goals of Oman Vision 2040.
The strategy aims to promote economic diversification by establishing a robust manufacturing base supported by modern technology by the year 2040. It emphasizes the utilization of innovative production technologies and focuses on enhancing the quality of Omani industrial products.
Dr. Saleh bin Said Masan, the Undersecretary for Commerce and Industry at the Ministry of Commerce, Industry and Investment Promotion, outlined the two stages of the strategy. The first stage involves conducting a detailed study of the manufacturing sector, while the second stage focuses on the development of tools, procedures, and a schedule for the strategy's implementation.
