The Sultanate of Oman has made significant strides in the Competitive Industrial Performance (CIP) Index 2024, as per the report issued by the United Nations Industrial Development Organization. Oman has climbed five places to rank 53 globally and occupy the 4th spot regionally. Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, attributes this progress to the implementation of various programs and initiatives aimed at developing the industrial sector in the country. Key factors contributing to this growth include attracting industrial investments that leverage advanced technologies, launching factory automation programs, and strengthening supply chains.
Furthermore, Oman’s advancement in the CIP can also be attributed to the enhanced commitment to the Industrial Strategy 2040, which serves as a roadmap for industrial growth in the country. The strategy focuses on upgrading converting industries through the use of advanced technology, developing innovative products, and expanding exports both regionally and internationally. This strategic approach has yielded positive results, as evidenced by the data released by the National Centre for Statistics and Information (NCSI). The output of converting industries saw a significant increase of 9.2 percent to RO 951 million by the end of the first quarter of 2024, contributing 10 percent to the Gross Domestic Product (GDP).
Additionally, non-oil exports, which primarily consist of industrial products, experienced a substantial growth of 45 percent by the end of the first quarter of 2024 compared to the same period in 2023. Non-oil exports accounted for 36 percent of total exports, highlighting the significance of the industrial sector in Oman’s economy. The converting industries sector has also witnessed a surge in new local and foreign investments, reflecting a trend of steady growth, diversification, and optimal distribution.
In conclusion, Oman’s progress in the Competitive Industrial Performance Index 2024 underscores the country’s commitment to fostering a competitive and vibrant industrial sector. By focusing on attracting investments, leveraging advanced technologies, and expanding exports, Oman has positioned itself as a key player in the global industrial landscape. With the continued implementation of strategic initiatives and the adherence to the Industrial Strategy 2040, Oman is poised for sustained growth and success in the industrial sector.
