BUSINESS REPORTER
MUSCAT: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has attracted 35 new industrial projects with investments totaling approximately RO 800 million during the first quarter of 2024. The ministry emphasized that these projects span various industrial activities across industrial zones and free zones. Non-oil commodity exports also increased by 45 per cent by the end of the first quarter of the current year compared to the same period in 2023, reaching RO 2.338 million, constituting 36 per cent of total exports.
Dr Saleh bin Said Masan, Undersecretary of the MoCIIP, highlighted that the manufacturing sector is a growth engine, contributing to sustained and sustainable economic growth. This is attributed to the employment of advanced technologies, process automation, development, and efficiency improvement, leading to increased productivity and continuous innovation and development.
Enhancing economic competitiveness, Dr Saleh Masan affirmed to the Oman News Agency that the Industrial Strategy enhances the country's economic competitiveness by strengthening manufacturing and innovative capabilities, providing employment opportunities. He emphasized that the industrial sector significantly contributes to job creation, improving living standards, developing supportive infrastructure, enhancing production and export capabilities, diversifying national income sources, reducing reliance on other sectors like services.
The Industrial Strategy 2040, according to Dr Saleh Masan, began in 2018 in collaboration with the United Nations Industrial Development Organization (UNIDO). It reflects years of concerted efforts and continuous cooperation, benefiting from comprehensive insights into local, regional, and international data and strategies, as well as international expertise.
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