The Sultanate of Oman has climbed five spots in the Competitive Industrial Performance (CIP) Index 2024. According to the United Nations Industrial Development Organisation, Oman now ranks 53rd globally and 4th regionally in the CIP.
The CIP evaluates and assesses the industrial competitiveness of 153 economies worldwide.
Dr. Saleh Said Masan, Under-Secretary for Commerce and Industry at the Ministry of Commerce, Industry, and Investment Promotion, highlighted that Oman's advancement in the CIP 2024 is a direct result of the implementation of various programs and initiatives aimed at enhancing the industrial sector.
Key aspects of this progress include the ability to attract industrial investments leveraging advanced technologies, the initiation of factory automation programs, and the strengthening of supply chains.
Dr. Masan further emphasized that Oman's improvement in the CIP was also driven by a heightened commitment to Oman's Industrial Strategy 2040, which serves as a roadmap for industrial development. The strategy focuses on upgrading manufacturing industries through advanced technology adoption, fostering innovation in product development, and expanding exports both regionally and globally.
According to data from the National Centre for Statistics and Information (NCSI), the output of converting industries reached RO 951 million at fixed prices by the end of the first quarter of 2024, marking a 9.2 percent increase compared to the same period in 2023. Converting industries accounted for 10 percent of the sectoral contribution to the Gross Domestic Product (GDP).
Non-oil exports, primarily industrial products, also saw a significant growth of 45 percent by the end of the first quarter of 2024, in comparison to the corresponding period in 2023. These exports made up 36 percent of the total exports.
It is important to highlight that the converting industries sector has witnessed consistent growth, diversification, and effective distribution of new local and foreign investments in recent times.
