Oman to unveil 50 investment opportunities in industrial sector
Published: 08:05 AM,May 29,2021 | EDITED : 12:05 PM,May 29,2021
To implement the Manufacturing Strategy 2040, and to create new investment opportunities in various sectors, MoCIIP will unveil 50 investment opportunities in the industrial sector on May 31.
The virtual ceremony will be under the auspicious of Qais bin Mohammad bin Musa al Youssef, Minister of Commerce, Industry and Investment Promotion in the presence of foreign ambassadors, private companies’ chairmen of the board of directors, businessmen, investors, and representatives of chambers of commerce and industry from GCC countries.
The new investment opportunities are expected to contribute to attracting other potential investment chances of more than RO200 million and to the diversification of the industrial sector across the governorates of the Sultanate, which in turn will raise the contribution of the manufacturing sector in GDP of the country.
According to MoCIIP emphasized that the contribution of the industrial sector till September 2020 has exceeded RO (4,110) billion, while the contribution of the manufacturing companies' shares into the capital market during January 2021 reached 25 percent of the value of shares traded at the Muscat security market.
Meanwhile, the value of non-oil commodity exports in 2019 increased to RO (3.23) billion, compared to RO (3.17) billion in 2017.
Engineer Sami bin Salim Al-Sahib, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, 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.
He clarified that the setting of these new investment opportunities comes in line with the ministry’s direction toward developing the industrial sector by enabling the investors to catch the potential industrial investment opportunities with economic feasibility, while MoCIIP will include the target of creating industrial investment opportunities in its annual plans in cooperation with our partners in the public and private sectors.
Al-Sahib added that the methodology used to set new investment opportunities includes several stages, where is the first phase is to define priorities for the required opportunities in the sectors targeted by the manufacturing strategy, while the second phase includes the preparing of preliminary feasibility studies for the new opportunities and to present them to the potential investors, while the third phase is to cooperate with investors to conduct final feasibility studies for each project.
Engineer Al-Sahib pointed out that the disclosed investment opportunities are invariant fields in the industrial sector which include the mining activities, quarrying, food products manufacturing, paper products manufacturing, chemical products manufacturing, rubber and plastics products, non-metallic products manufacturing, base metals manufacturing, the manufacturing of formed mineral products except for machinery, electrical equipment manufacturing, machinery and equipment manufacturing, transportation equipment manufacturing, waste collection, treatment, disposal, and material recovery activities, in addition to HVAC assembly plant in the construction field and establishing Center of Excellence for Food Industries in the education field.
Sami al Sahib concluded that, by presenting these initiatives, the Ministry of Commerce, Industry and Investment Promotion aims at facilitating procedures for the investors, contributing to promoting investment opportunities, attracting pf high-quality investments in sectors that can enhance economic diversification, creating an appropriate environment for the success and development of all investments, empowering the private sector and motivating it to invest successfully, and developing all industrial sectors, strengthening in-country value-added programs in partnership with the private sector, improving the trade balance, enhancing the market share of the Omani product, ensuring the achievement of free competition rules, enhancing the principle of decentralization, and developing a competitive business environment in the Sultanate.
The virtual ceremony will be under the auspicious of Qais bin Mohammad bin Musa al Youssef, Minister of Commerce, Industry and Investment Promotion in the presence of foreign ambassadors, private companies’ chairmen of the board of directors, businessmen, investors, and representatives of chambers of commerce and industry from GCC countries.
The new investment opportunities are expected to contribute to attracting other potential investment chances of more than RO200 million and to the diversification of the industrial sector across the governorates of the Sultanate, which in turn will raise the contribution of the manufacturing sector in GDP of the country.
According to MoCIIP emphasized that the contribution of the industrial sector till September 2020 has exceeded RO (4,110) billion, while the contribution of the manufacturing companies' shares into the capital market during January 2021 reached 25 percent of the value of shares traded at the Muscat security market.
Meanwhile, the value of non-oil commodity exports in 2019 increased to RO (3.23) billion, compared to RO (3.17) billion in 2017.
Engineer Sami bin Salim Al-Sahib, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, 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.
He clarified that the setting of these new investment opportunities comes in line with the ministry’s direction toward developing the industrial sector by enabling the investors to catch the potential industrial investment opportunities with economic feasibility, while MoCIIP will include the target of creating industrial investment opportunities in its annual plans in cooperation with our partners in the public and private sectors.
Al-Sahib added that the methodology used to set new investment opportunities includes several stages, where is the first phase is to define priorities for the required opportunities in the sectors targeted by the manufacturing strategy, while the second phase includes the preparing of preliminary feasibility studies for the new opportunities and to present them to the potential investors, while the third phase is to cooperate with investors to conduct final feasibility studies for each project.
Engineer Al-Sahib pointed out that the disclosed investment opportunities are invariant fields in the industrial sector which include the mining activities, quarrying, food products manufacturing, paper products manufacturing, chemical products manufacturing, rubber and plastics products, non-metallic products manufacturing, base metals manufacturing, the manufacturing of formed mineral products except for machinery, electrical equipment manufacturing, machinery and equipment manufacturing, transportation equipment manufacturing, waste collection, treatment, disposal, and material recovery activities, in addition to HVAC assembly plant in the construction field and establishing Center of Excellence for Food Industries in the education field.
Sami al Sahib concluded that, by presenting these initiatives, the Ministry of Commerce, Industry and Investment Promotion aims at facilitating procedures for the investors, contributing to promoting investment opportunities, attracting pf high-quality investments in sectors that can enhance economic diversification, creating an appropriate environment for the success and development of all investments, empowering the private sector and motivating it to invest successfully, and developing all industrial sectors, strengthening in-country value-added programs in partnership with the private sector, improving the trade balance, enhancing the market share of the Omani product, ensuring the achievement of free competition rules, enhancing the principle of decentralization, and developing a competitive business environment in the Sultanate.