OCCI ‘Ramadhan Evenings’ wrap up with focus on Local Content
Published: 06:03 PM,Mar 20,2025 | EDITED : 10:03 PM,Mar 20,2025
Various speakers highlighted the importance of local content in driving Oman's economic growth.
The Oman Chamber of Commerce and Industry (OCCI) concluded its 2025 Ramadhan Evenings series on Wednesday, March 19, with a focus on the economic importance of local content in driving sustainable growth.
Held at Al Murjan Hall in the Aviation Club in Muscat, under the auspices of Shaikh Faisal bin Abdullah al Rawas, OCCI Chairman, the forum attracted government officials, private sector representatives, and business leaders.
Titled ‘The Economic Importance of Local Content,’ the evening highlighted how strengthening and supporting local content is vital for building a strong, diversified, and sustainable economy. The discussion focused on local content’s role in boosting the private sector’s productivity, attracting investment and enhancing the nation’s economic resilience.
Shaikh Faisal emphasised that local content should be a key factor in contracts and tenders. By prioritising domestically produced goods and services over imports, Oman can stimulate the local economy, keep capital circulating within the market, and improve the business environment. 'Supporting local content across various sectors such as industry, trade, logistics and tourism will not only help the economy face challenges but also provide more opportunities for innovation and growth, especially for small and medium enterprises (SMEs),' he stated.
The event included three key presentations by leading experts. Dr Salem al Sheikh, Director-General of Research and Development at the Ministry of Economy, explained how local content contributes to economic growth by increasing the demand for locally produced goods and services. He also highlighted its role in diversifying the economy, enhancing competitiveness, and supporting SMEs. According to Dr Al-Sheikh, local content can also improve the trade balance by increasing exports and reducing imports, fostering innovation and driving financial sustainability.
Mohammed al Badri, Assistant Director of the Local Value Added Division at the Authority for Small and Medium Enterprises Development, spoke about the agency’s efforts to ensure that SMEs benefit from local content initiatives. Al Badri outlined how the authority works with relevant government bodies to ensure SMEs have access to procurement opportunities and incentives, helping them grow within innovative industries and contribute to the national economy.
The final presentation, by Sulaiman al Ruqaishi, a member of the National Office for Local Content, explored how the office supports local content through national policies, incentives, and collaboration with various sectors. Al Ruqaishi emphasised the role of the National Office in aligning with Oman Vision 2040, focusing on SME growth, the localisation of industries, and improving the competitiveness of local businesses in both national and international markets.
The evening also featured a lively discussion on how local content can reduce dependence on imports and the role of large companies in strengthening local supply chains. Attendees explored challenges such as financing and quality control for local producers and proposed solutions including investment incentives, support for SMEs, and public awareness campaigns promoting local products.
Held at Al Murjan Hall in the Aviation Club in Muscat, under the auspices of Shaikh Faisal bin Abdullah al Rawas, OCCI Chairman, the forum attracted government officials, private sector representatives, and business leaders.
Titled ‘The Economic Importance of Local Content,’ the evening highlighted how strengthening and supporting local content is vital for building a strong, diversified, and sustainable economy. The discussion focused on local content’s role in boosting the private sector’s productivity, attracting investment and enhancing the nation’s economic resilience.
Shaikh Faisal emphasised that local content should be a key factor in contracts and tenders. By prioritising domestically produced goods and services over imports, Oman can stimulate the local economy, keep capital circulating within the market, and improve the business environment. 'Supporting local content across various sectors such as industry, trade, logistics and tourism will not only help the economy face challenges but also provide more opportunities for innovation and growth, especially for small and medium enterprises (SMEs),' he stated.
The event included three key presentations by leading experts. Dr Salem al Sheikh, Director-General of Research and Development at the Ministry of Economy, explained how local content contributes to economic growth by increasing the demand for locally produced goods and services. He also highlighted its role in diversifying the economy, enhancing competitiveness, and supporting SMEs. According to Dr Al-Sheikh, local content can also improve the trade balance by increasing exports and reducing imports, fostering innovation and driving financial sustainability.
Mohammed al Badri, Assistant Director of the Local Value Added Division at the Authority for Small and Medium Enterprises Development, spoke about the agency’s efforts to ensure that SMEs benefit from local content initiatives. Al Badri outlined how the authority works with relevant government bodies to ensure SMEs have access to procurement opportunities and incentives, helping them grow within innovative industries and contribute to the national economy.
The final presentation, by Sulaiman al Ruqaishi, a member of the National Office for Local Content, explored how the office supports local content through national policies, incentives, and collaboration with various sectors. Al Ruqaishi emphasised the role of the National Office in aligning with Oman Vision 2040, focusing on SME growth, the localisation of industries, and improving the competitiveness of local businesses in both national and international markets.
The evening also featured a lively discussion on how local content can reduce dependence on imports and the role of large companies in strengthening local supply chains. Attendees explored challenges such as financing and quality control for local producers and proposed solutions including investment incentives, support for SMEs, and public awareness campaigns promoting local products.