MUSCAT: A roughly 3-week-long Converting and Future Industries Laboratory organised by the Omani government last week has yielded a recommendations, the implementation of which will have far-reaching benefits for the manufacturing and industrial sector of the Sultanate of Oman.
The outcomes of the Lab, organised by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) in collaboration with the Implementation Follow-up Unit of Oman Vision 2040 and the Industrial Innovation Academy, were outlined during the Omani Industry Day celebrations held on Thursday.
Notable among these recommendations is a call for the establishment of Green Industrial Cities and Smart Cities modelled on sustainability principles. The proposed Green Industrial Cities will incorporate the principles and philosophy of the circular economy and powered by clean and energy efficient systems. Further, by using smart applications and smart tools, investors and tenants in these green settings will reduce their operational and energy costs, while targeting markets that pay a premium for goods produced on the basis of sustainability principles.
“The initiative aims to diversify the Omani economy to achieve the objectives of Oman Vision 2040 and the goals of sustainable development, improve production efficiency through the optimal use of natural resources, as well as reduce health risks resulting from environmental emissions, in addition to the existence of a green and circular economy that responds to national needs and is in line with the global trend,” said Dr Ayman Abdullah al Fudhaili, CEO – Industrial Innovation Academy.
As many as 168 officials and experts, representing 83 different organisations, attending the Lab, which ran from January 2 – 26, 2023. At the end of nearly 30,000 man-hours of deliberations and analysis, the Lab came out with recommendations for 24 investment projects, 14 investment initiatives and 10 enabling measures.
The Lab discussed 5 main pillars: Industries of the future; Review of the industrial strategy; Outputs of clinics to analyze projects in the manufacturing sector; New investment opportunities; and Sectoral governance.
To help enhance the competitive of Omani products, the Lab proposed the establishment of the Oman Barcoding Centre, coupled with the enactment or new legislations (or the review of existing statutes) to create, among other things, a National Brand Identity, new guidelines to regular commercial complexes and consumer cooperatives, and so on.
In other recommendations, it stressed the need for effective vocational training in skillsets that align with the needs of the industrial sector; Easier soft loans from banks; Developing the financial and administrative capacities of entrepreneurs; Increasing support for industrial projects through the Oman Development Bank; Providing support for distressed companies; and Establishing specialized industrial complexes.
Following a review of the industrial strategy, the Lab mooted the establishment of knowledge-based industrial clusters; Programme to support entrepreneurship and industrial innovation; Programme to strengthen industrial development and modernization; and Programme to enhance governance and management of industrial development.
Additionally, the Lab outlined a total of 38 project and investment opportunities spanning medical supplies, plastics, mining, ferrous metals, nonferrous metals, petrochemicals and others. Investment opportunities linked to health, services, waste management and minerals were recommended as well.
The Lab firmed up investments targeted at 12 projects, focusing on salt extraction, chlor-alkali production, industrial salt refining, table salt production, and manufacturer of magnesium compounds, Sodium Sulfate, bromine compounds and potassium compounds. Other projects that were advanced related to a fish farming project, sodium carbonate plant, and water bottling facility.
Besides, the Lab advocated for the adoption of 4th Industrial Revolution technologies in new projects to help reduce production costs, boost efficiency, spurring Omani exports, automating production and providing new skillsets to Omanis to work in these industries.
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