The industrial sector in Oman has shown significant growth in the Gross Domestic Product (GDP) during the first quarter of 2024, making it a key component of the country’s economic diversification plan, Oman Vision 2040. According to recent statistics from the National Centre for Statistics and Information (NCSI), the industrial sector saw a growth rate of 9.2% compared to the same period in 2023. The total industrial productivity increased from OMR 871 million to OMR 951 million, representing 10% of the GDP at the fixed price. The basic petrochemical industries also saw an increase of 6.4% during this period.
Dr. Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, noted that the growth rate of the industrial sector in Oman exceeds the global average. The United Nations Industrial Development Organization (UNIDO) reported that the world industrial productivity grew by only 0.9% during the first quarter of 2024, highlighting Oman’s impressive performance in comparison to the global economy. Despite challenges such as inflation, energy price fluctuations, and regional conflicts, Oman’s industrial sector continues to thrive.
Dr. Masan praised the efforts of industrialists and government entities in driving the growth and development of the industrial sector in Oman. He commended the Sultanate for achieving the 53rd place globally and 4th regionally in the competitive industrial performance index for 2024, as reported by UNIDO. This recognition underscores Oman’s commitment to advancing its industrial capabilities and enhancing its competitiveness on the international stage. The continued improvements and qualitative shifts in the industrial sector are a testament to the dedication and hard work of all stakeholders involved.
The industrial sector in Oman plays a crucial role in economic diversification and sustainable growth, in line with the country’s long-term vision for development. Investments in key industries such as petrochemicals have contributed to the sector’s robust performance and increased productivity. With a focus on innovation, efficiency, and strategic partnerships, Oman aims to further enhance its industrial capabilities and expand its presence in global markets. The government’s support for industrial initiatives and initiatives to attract foreign investment will help drive the sector’s growth and create new opportunities for economic prosperity.
As Oman continues to make strides in industrial development, it is essential for stakeholders to collaborate and leverage their expertise to address challenges and seize opportunities for growth. The government’s commitment to creating a conducive business environment and fostering innovation will be crucial in sustaining the momentum of the industrial sector’s expansion. By prioritizing technology adoption, skills development, and sustainable practices, Oman can enhance its industrial competitiveness and establish itself as a key player in the global market. With a strategic focus on enhancing productivity, efficiency, and quality, Oman is well-positioned to achieve its vision of becoming a leading industrial hub in the region.
In conclusion, the industrial sector in Oman has demonstrated impressive growth and resilience in the face of global economic challenges. With a strong emphasis on innovation, sustainability, and competitiveness, Oman is positioning itself as a key player in the industrial landscape. By fostering collaboration, driving investments, and implementing strategic policies, Oman is on track to achieve its vision of economic diversification and sustainable growth. The remarkable achievements of the industrial sector reflect the dedication and determination of all stakeholders to drive Oman’s industrial sector to new heights of success in the coming years.
