Muscat: The Ministry of Commerce, Industry, and Investment Promotion has today inaugurated the "Tasnee" local content strategy for the industrial sector at the Mandarin Hotel Muscat, under the esteemed patronage of Dr. Said bin Mohammed Al Saqri, the Minister of Economy.
The "Tasnee" initiative is poised to fortify the dependency on domestic products, elevate the share of Omani components within national industries, bolster small and medium-sized enterprises in Oman, and enhance the efficiency of local supply chains. This comprehensive plan is designed to augment the competitiveness of Oman's industrial sector, promote investment in manufacturing with a focus on local value addition, and align with the national objectives delineated in Oman Vision 2040, which emphasize economic diversification and a reduction in reliance on imports.
Dr. Saleh bin Said Masan, the Undersecretary of Commerce and Industry, articulated that the strategy is crafted to cultivate an environment conducive to innovation, enabling Omani talent to spearhead the development of globally competitive industrial products and services. He underscored the initiative's objective to position Oman as an appealing destination for both domestic and international investment, thereby supporting the establishment of a resilient, sustainable economy for the benefit of future generations.
During his speech, Dr. Masan highlighted the government's dedication to augmenting local content, with the ambition of achieving a national production input share in the industrial sector of 70 percent. He noted that the manufacturing sector has experienced significant growth in recent years, contributing 12.3 percent to the GDP at current prices in the first half of 2024, and a 10.1 percent increase at constant prices over the same period.
Dr. Masan also mentioned that the industrial sector is attracting a notable increase in foreign direct investment, with a 45.1 percent surge in the second quarter of 2024. Furthermore, non-oil commodity exports from the sector reached OMR 4.38 billion by the end of August 2024, underscoring the sector's pivotal role in fortifying the national economy and advancing economic diversification.
Faisal bin Abdullah Al Rawas, the Chairman of the Oman Chamber of Commerce and Industry, further elaborated that the strategy to enhance local content is a component of a broader strategy aimed at substituting foreign imports with domestically produced goods. He emphasized the critical role of the private sector, noting that the Chamber will initiate a campaign to heighten awareness of the opportunities available to private enterprises.
The "Tasnee" strategy is structured around three principal programs: the Local Content Enhancement Program for the Industrial Sector, which encompasses 11 initiatives aimed at leveraging Omani resources; the Manufacturers and Suppliers Empowerment Program, featuring nine initiatives; and the Omani Product Empowerment Program, which includes 11 initiatives to elevate the profile of national products within local markets.
During the event, the "Made in Oman" campaign was inaugurated with the aim of promoting Omani products and encouraging consumer support for local industries. Furthermore, the Ministry of Commerce, Industry, and Investment Promotion unveiled the "Taamir" program in collaboration with the Ministry of Housing and Urban Planning. This initiative secured commitments from prominent real estate developers to prioritize Omani construction materials throughout all stages of their projects.
In a parallel effort, the "Itqan" program was launched to enhance the skills of Omani youth, in line with the 2040 Industrial Strategy's goal of nurturing Omani talent within the industrial sector. This strategy is designed to foster their contributions to the country's economic growth.
The Oman Cables Industry Company also announced its own initiative to bolster local value addition. This involved a partnership with the Ministry of Commerce, Industry, and Investment Promotion to explore clean energy solutions via solar power, ensure the quality of cables sold locally, and facilitate knowledge sharing.
The ceremony featured a workshop on the expansion of local content within the industrial sector, which was attended by officials and industry experts. Mustafa bin Sulaiman Al-Shuaili, an economic researcher from the National Programme for Economic Diversification, provided an overview of the integrated economic cluster for the aluminium industries in Sohar—a strategic endeavor aimed at achieving the economic diversification goals outlined in the Oman Vision 2040.
The event was graced by the presence of Qais bin Mohammed Al-Yousef, Minister of Commerce, Industry, and Investment Promotion, and Dr Khalfan bin Saeed Al-Shuaili, Minister of Housing and Urban Planning, among other dignitaries and officials representing both the public and private sectors.
