Oman has climbed five spots in the Competitive Industrial Performance (CIP) Index 2024, reaching the 53rd position globally and securing the 4th spot regionally. The CIP evaluates and measures the industrial competitiveness of 153 economies worldwide.
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, attributed Oman's advancement in the CIP 2024 to the successful implementation of various programs and initiatives aimed at enhancing the industrial sector. Key highlights of this progress include the attraction of industrial investments leveraging advanced technologies, the initiation of factory automation programs, and the strengthening of supply chains.
Furthermore, Oman's improvement in the CIP was also influenced by a heightened commitment to the Industrial Strategy 2040, which serves as a roadmap for industrial development. This strategy emphasizes the upgrading of converting industries through advanced technology adoption, the development of innovative products, and the expansion of exports both regionally and internationally.
Recent data from the National Centre for Statistics and Information (NCSI) revealed that 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).
Moreover, non-oil exports, predominantly industrial products, surged by 45 percent by the end of the first quarter of 2024 in comparison to the corresponding period in 2023, constituting 36 percent of total exports.
The converting industries sector has witnessed steady growth, diversification, and optimal distribution of new local and foreign investments in recent times.
