At the recent annual meeting of the Ministry of Commerce, Industry and Investment Promotion, held in the presence of the Minister and his official colleagues, many questions were raised related to foreign trade, national products, domestic market trends, and export and import values.
Officials shared details about projects, programmes, initiatives and proposals related to these sectors that they are working to develop in order to enhance and raise their added value and boost their GDP contribution. No doubt, there are several steps taken by the Ministry to empower the private sector and motivate it to play its desired role in promoting economic growth, facilitating trade with other countries and strengthening Omani exports and re-exports in the coming years.
The Director of Communications and Information at the Ministry indicated that the contribution of manufacturing industries to the GDP increased by 40.8 per cent, which is a seizable contribution from this important sector. She also indicated that there is an increase in non-oil exports by 91.2 per cent. The statistics also show that the rate of reduction of fees for some of the Ministry's services amounted to 96 per cent, while the volume of trade exchange between the Sultanate of Oman and the countries of the world recorded an increase of 41.7 per cent.
The Ministry is preparing plans to open up new target markets for Omani products by participating in specialised international exhibitions and focusing on foreign investment issues. By eliciting feedback from investors, it is also trying to evaluate the quality of services provided by the Ministry and thereby understand the challenges face by the investors. This includes data on their satisfaction with fees, ease of use of platforms, speed of completing transactions through the Ministry's portal and other issues – all aimed at improving these services.
Significantly, the Ministry was able to raise the added-value of the industrial sector by more than 40 per cent in the past year compared to other economic sectors, despite the fact that the Covid-19 pandemic had disrupted trade and commerce around the world. This is a seizable achievement, which must be sustained in the coming years through incentives, facilities and the empowerment that all stakeholders playing a major role in supporting the contribution of the industrial sector.
The concerned authorities are working to open up new opportunities through joint councils and committees with Arab and foreign countries to raise the value of Omani exports and facilitate exports into new markets.
Today, there are 1,800 economic activities registered at the Ministry for those wishing to register via the "Invest Easy" service. At the same time, other concerned authorities are keen to direct small tenders valued at less than RO 10,000 to entrepreneurs and small enterprises so that they can continue their work.
A combination of geopolitical conditions and other factors is contributing to an increase in the price of raw materials and commodities imported from some overseas countries, partly due to higher shipping, insurance and handling prices in international ports. Regardless, the Ministry is assured that there are other markets that will continue to supply the Sultanate of Oman with the required food communities necessary to secure the country’s food needs.
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