The implementation of the 2040 Industrial Strategy is expected to propel the industrial sector to become one of the fastest-growing segments, showcasing Oman's commitment to economic diversification. In 2023, the industrial sector experienced an impressive 9 percent increase in GDP, making it the most labor-intensive sector and a crucial component of Oman Vision 2040's goal of economic diversification.
By the end of September 2023, the manufacturing sector had made significant contributions to the national economy, accounting for 9.3 percent of GDP. This amounted to RO 2.454 billion at constant prices, underscoring the sector's vital role. Moreover, the sector has provided employment opportunities for over 33,000 Omani workers, while attracting direct foreign investments exceeding RO 1.4 billion.
Dr. Saleh bin Saeed Masan, the Under-Secretary of Commerce and Industry at the Ministry of Commerce, Industry, and Investment Promotion, emphasized the objectives outlined in the Industrial Strategy 2040. He stated, "By 2024, our target is to triple the contribution of manufacturing industries to the domestic product, reaching RO 11 billion. By 2040, we aim for industrial exports to reach approximately RO 25 billion, with total investments amounting to around RO 40 billion." The Omani industrial sector is embracing modern technologies to enhance efficiency, diversify product offerings, and improve overall quality. These endeavors are aimed at promoting environmental and economic sustainability, as well as integrating artificial intelligence technologies in line with the global shift towards the Fourth Industrial Revolution.
The Ministry has meticulously devised a comprehensive plan, progressing from formulating the vision and objectives to formulating policies and industrial tools. This meticulous process involved identifying priority sectors, establishing a monitoring program for effective governance, and developing performance indicators through a thorough analysis of regional industrial variables and strategies.
This strategic plan plays a crucial role in driving economic diversification by focusing on the specific industries, technologies, and models required. It was developed in collaboration with the United Nations Industrial Development Organization (UNIDO) to ensure alignment with the latest global economic trends and Oman Vision 2040.
In recent years, Oman's economic landscape has undergone significant changes. The Ministry of Commerce, Industry, and Investment Promotion has strategically shifted its legal framework, positioning itself as an active advocate for industrial diversification through incentives, policies, regulations, and knowledge.
