On the eve of the celebrations of 51st glorious national day of the Sultanate of Oman, an announcement was made about 13 major investment projects worth approximately RO 3.5 billion. This is considered as a giant and qualitative step in economic diversification and implementation of related policies which calls for attracting investments and advancing the role of the private sector through partnerships with foreign companies.
Such arrangement also makes opportunities for exchanging experiences. The opening of the Liwa Plastic Industries Complex, the largest of these projects ever, with investments estimated at about RO 2.7 billion, is seen as a quantum leap of the manufacturing industries of the Sultanate of Oman working in petrochemicals. It is a turning point in the sector of manufacturing industries.
It has been a practice in the industrial sector of the country to start only those projects which has long term benefits for the local people. The Liwa Plastic Industries Complex which will open on December 20 will employ latest industrial technologies. It will maximize the added value as RO 578 million were invested in various phases of the project for goods, services, and support for small and medium enterprises. In fact, the complex enhances the manufacturing sector by producing 838,000 tons of polyethylene and 215,000 tons of polypropylene. There was a time when establishing such a huge industrial project was a dream. Now we see it being a reality. This has become possible due the farsighted leadership of the country.
The OQ Group is managing the Liwa Plastics Industries Complex. It is one of the largest investments it manages in the fields of petrochemicals and petroleum industries. This will increase the use of the country's natural resources and add high local value to them if industries are established which works on the derivatives of oil and gas. It will contribute to achieving self-sufficiency in the plastic industries, as well as to export the surplus to the global markets, and boost the role of small and medium enterprises. We realise that when there is an industrial planning in the country, the element has never been ignored that it should be beneficial for all, even for the small players of the sector. It is the vision that everybody should get the opportunity to grow. The Liwa Plastic Industries Complex is one of the finest examples of inclusiveness of the industrial policy making and planning.
Around RO 578 million were spent for the project in the local markets. It also shows that the OQ group has a policy to maximize added value of investment projects and circulate the capital within the country to stimulate and boost other economic activities. It is a model which many others would like to follow.
Such large projects enhance confidence in the Omani economy and in the world's financial and investment institutions. Investors’ assurance will increase trust in government commitments to properly employ international finances in establishing productive and economically feasible entities. This is how it will help in increasing investments as well as material and moral support for investments made in this and other economic sectors.
There is no doubt that the completion of the Liwa Complex for Plastic Industries will open wider horizons for small and medium enterprises. They will be able to invest in the products of the complex and establish industries based on the products of the factory. This will increase investments in economic activities.
We are hopeful that these projects will be successful and will bring similar triumph for those who would be associated with it. It is a major shift in the national economy. It will open up broader avenues for investments in the product and service sectors aimed at achieving self-sufficiency and strengthening the balance of payments. It will also increase exports and trade exchange with various countries of the world. It is the best vision and commitment to it which ultimately wins.