Muscat: Keeping the aims of Manufacturing Strategy 2040, Oman plans to kickstart the implementation of the same by generating new investment opportunities in various sectors, chief among – the Industrial Sector. The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) announced 50 new investment opportunities, beginning on May 31st, 2021.
The virtual ceremony will be conducted under the aegis of the Minister of MoCIIP, Qais bin Mohammad bin Musa al Youssef. The occasion will be graced by many dignitaries such as ambassadors of foreign nations, leading Industrialists and board members in Oman, and representatives from GCC chambers of Commerce.
The new opportunities are anticipated to further additional investment opportunities worth RO 200 million and contribute to the multi-faceted growth of Oman’s Industrial Sector. This activity is expected to contribute significantly to Oman’s manufacturing sector.
The contribution of the manufacturing sector amounted to 25% of the total market share at MSX.
Eng. Sami bin Salim Al-Sahib, Director General of Industry at the MoCIIP stated that “The upcoming action plan of MoCIIP is compatible with Oman’s Vision 2040, which aims at the diversification and enhancing the economic growth, creating new job opportunities, raising the Sultanate’s ranking in international indicators, strengthening the local value-added, promoting foreign direct investment, achieving balanced development across the governorates of the Sultanate and enhancing the diversification of country’s exports.”
Additionally, he added that the methodology employed to generate new investments will be implemented phase-wise. The first phase will define priorities for the required opportunities in the sectors targeted by the manufacturing strategy; The second phase will include the preparation of preliminary feasibility studies for the new opportunities and the results will be presented to the potential investors; The third phase will include cooperating with investors to conduct final feasibility studies for each project.
As defined by Eng. Al – Sahib, the sectors targeted will include but not be limited to: mining activities, quarrying, manufacturing of food products, manufacturing of paper products, manufacturing of chemical products, rubber and plastics products, manufacturing of non-metallic products, manufacturing of base metals, the manufacturing of formed mineral products except for machinery, manufacturing of electrical equipment, manufacturing of machinery and equipment, manufacturing of transportation equipment, waste collection, treatment, disposal, and material recovery activities, in addition to HVAC assembly plant in the construction field and establishing a center of excellence for Food Industries in the education field.
