Industry Sector Is Cornerstone To Oman’s Economic Diversification

Industry Sector Is Cornerstone To Oman’s Economic Diversification

Muscat: Every year on 9th February, the Sultanate of Oman celebrates Omani Industry Day, which is organized by the Ministry of Commerce, Industry and Investment Promotion. This year, the theme of Industry Day is focused on "automation of factories and artificial intelligence".

The celebration is a testament to the commitment of His Majesty Sultan Haitham bin Tarik to transform Oman into a leading investment destination and build a sustainable economy. It highlights the importance of the industrial sector as a key driver for economic diversification, aligning with the goals of Oman Vision 2040 and the global shift towards the technologies of the 4th industrial revolution.

To commemorate this occasion, the Ministry of Commerce, Industry and Investment Promotion will host a special event in the Wilayat of Sohar, North Al Batinah Governorate on Wednesday. This event will witness the signing of various agreements and memoranda of understanding, as well as the launch of innovative initiatives across different fields.

These agreements and memoranda of understanding are expected to enhance productivity and create new opportunities for innovation.

The statistics issued by the National Centre for Statistics and Information (NCSI) showed that the contribution of the manufacturing industries in the GDP amounted to 9.3 percent by the end of September 2023, a total of OMR2.454 billion at fixed prices and the direct foreign investments in the industrial sector exceeded OMR1.400 billion.

The Omani non-oil exports of goods amounted to OMR6.767 billion by the end of November 2023.

Dr. Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, said that the Ministry is working on a number of initiatives, including the automation of Omani factories and adoption of artificial intelligence. During the celebration of the Omani Industry Day for this year, some projects for upgrading the productivity of the sector would be announced, he added.

The Ministry has selected the theme “Automation of industries and artificial intelligence” for the celebration of the Omani Industry Day for this year to continue with the development march during the prosperous era and for opening new horizons for sustainable development, he said.

 

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