Muscat: In a meeting focused on the draft Unified Industrial Regulation Law for the Gulf Cooperation Council (GCC) States, the Economic and Financial Committee of the Shura Council welcomed several experts from the Ministry of Commerce, Industry and Investment Promotion on Monday.
The government has submitted the draft law to the Council for examination.
Representatives from the ministry stated that the purpose of the draft law is to regulate the industrial sector, foster industrial development, stimulate industrial investment, and enhance the sector's contribution to national income.
Additionally, it aims to strengthen industrial integration and the interconnectedness of economic activities among the GCC states.
The law is anticipated to facilitate the alignment of economic policies related to industrialization, fulfill the needs of economic development plans and programs, promote innovation, and adopt and localize advanced technologies to boost the competitiveness of the industrial sector.
Committee members highlighted the necessity of ensuring that the provisions of the draft law consider the unique characteristics of the local industrial sector and are in harmony with the existing laws and regulations governing industry in Oman.
This discussion occurred during the Committee’s fifteenth meeting of the second annual session (2024–2025) of the tenth term of the Council, presided over by Ahmed bin Saeed Al Sharqi, Chair of the Committee, with attendance from its members.
During the meeting, the committee also reviewed and approved the final report regarding the assessment of the current state of local industries in the Sultanate of Oman.
The report aims to evaluate the industrial landscape concerning challenges, opportunities, and readiness to contribute to the objectives of the industrial strategy and Oman Vision 2040.
The report concluded with several findings and recommendations designed to foster the growth of the industrial sector, particularly emphasizing the necessity to align policies with the national industrial strategy and to offer a comprehensive package of incentives and support.
Furthermore, the committee ratified the final report regarding the expressed interest in evaluating the competitiveness and appeal of Oman’s business environment.
This discussion illustrates the committee’s continuous efforts to promote economic development and improve the business climate in accordance with the goals of Oman Vision 2040, as well as to aid in attracting investments and diversifying national income sources.
The report detailed significant challenges confronting the business sector and proposed recommendations to boost its competitiveness and attractiveness to foreign investors.
It is important to highlight that, as part of its investigation into the expressed interests, the committee conducted several meetings and invited experts from pertinent economic and industrial authorities to collect their insights and feedback.
This study was carried out in compliance with Article (59) of the Law of the Council of Oman, which states: "The Shura Council may, on its own initiative, express desires to the government regarding public services and facilities, their development and performance improvement, or concerning challenges facing the economic sector and ways to enhance development, whenever the Council deems such action to be in the public interest."
During the meeting, the committee also endorsed its stance on the annual report presented by the Ministry of Commerce, Industry and Investment Promotion, in accordance with Article (55) of the Law of the Council of Oman, which states: "Service ministers shall provide the Shura Council with an annual report on the progress of projects implemented by their respective ministries. The Council may summon any minister to present a statement on matters within the jurisdiction of their ministry and to discuss it with them."
The committee additionally examined and deliberated on the proposed amendment to specific sections of the GCC Common Customs Law, which the government submitted to the Council for review.
