The Ministry of Commerce, Industry, and Investment Promotion in Muscat has recently announced their support for the Royal directives of His Majesty Sultan Haitham bin Tarik for the Industrial Strategy 2040. This strategy includes the transformation of limited liability companies into joint stock companies (closed) and aims to boost economic diversification in Oman. The manufacturing sector, which is the second most important sector in terms of contribution to the GDP, plays a crucial role in achieving this goal. The Industrial Strategy 2040, approved in partnership with the United Nations Industrial Development Organization, is designed to establish a well-developed manufacturing base by 2040 through the use of modern technology and an emphasis on upgrading the quality of Omani industrial products.
Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, highlighted the importance of the industrial sector in economic diversification in Oman. He stated that the sector contributed 9% of the GDP at current prices by the end of 2023. The strategy aims to keep pace with the latest international economic developments and Oman Vision 2040 in order to enhance economic diversification. The primary focus is on the optimal employment of creative production technologies to establish a modern manufacturing base by 2040.
Dr. Saleh bin Said Masan, Undersecretary for Commerce and Industry at the Ministry of Commerce, Industry, and Investment Promotion, outlined the two-stage approach of the Industrial Strategy 2040. The first stage involves conducting a detailed study of the manufacturing sector, while the second stage includes preparing tools, procedures, and a schedule for the execution of the strategy. This thorough planning process is essential for the successful implementation of the strategy and achieving the goals set for economic diversification in Oman.
In conclusion, the Industrial Strategy 2040 in Oman is a comprehensive plan to boost economic diversification through the development of the manufacturing sector. The Ministry of Commerce, Industry, and Investment Promotion is fully committed to supporting this strategy and has welcomed the Royal directives to transform limited liability companies into joint stock companies. With a focus on modern technology and quality improvement, the strategy aims to establish a strong manufacturing base by 2040. By working closely with international partners and conducting detailed studies, Oman is well-positioned to achieve its economic diversification goals and drive sustainable growth in the industrial sector.
