Dr Saleh bin Said Masan, Under-Secretary for Commerce and Industry, met with representatives of emerging student companies in North Al Batinah Governorate to review their business proposal, as well as to understand challenges they face, as part of the Ministry’s push to drive entrepreneurship among young Omanis. Also taking part were university students majoring in business and economics in the Governorate.
The event was organised by the Ministry of Commerce, Industry and Investment Promotion with the support of the University of Sohar, and the Industrial Innovation Academy. All three entities recently signed a partnership agreement to enhance the Suhar Production Company for Transformative Industries – an initiative to support the manufacturing and industrial innovation sector.
The meeting highlighted success stories of these companies and identified the factors and potentials that contribute to their success and development. Participants also reviewed the facilities provided by the government for students to register their inventions, obtain patents, and access financing for emerging companies. The meeting also discussed scientific disciplines in higher education institutions that focus on the economic and commercial fields, which contribute to building pioneering Omani economic and commercial companies that support the national economy at all levels.
Dr Masan’s visit was part of a series of trips to various governorates to closely identify the needs of emerging student companies and enhance investment opportunities in all governorates of the Sultanate of Oman. The goal is to attract more investments and develop economic projects in the governorates by strengthening their competitive advantages.
Dr Masan and his accompanying delegation also visited the Suhar Production Company for Advanced Industries at Sohar University, which is one of the successful initiatives to emerge from the Vision 2040 strategy in support of economic diversification. This company is a second phase of the project in cooperation between the Ministry of Commerce, Industry, and Investment Promotion and the Implementation Follow-up Unit of Oman Vision 2040.
Under this agreement, the Suhar Production Company for Advanced Industries will provide specialized manufacturing and industrial support services in research and development, reverse engineering, precision parts manufacturing, mold and production tooling, and specialized spare parts manufacturing for various industrial companies inside and outside the Sultanate of Oman, in addition to developing Omani expertise. The company will also continue to generate knowledge and transfer advanced technology to localize it in the Sultanate of Oman.
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