Muscat: Majlis Ash'shura held its 13th regular session of the second annual sitting of the 10th term on Wednesday, during which Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP), presented his ministry’s statement.
The session focused on several key topics, including the contribution of the public and private sectors to the Gross Domestic Product (GDP), the assessment of free trade agreements, and progress under the "Nazdahir" programme.
In his address to the council, the minister said the trade sector’s contribution to the GDP at constant prices reached 8.3 per cent in 2024, amounting to RO 3.225 billion.
He noted that the sector recorded a cumulative growth of 6.6 per cent during the Tenth Five-Year Plan.
"The manufacturing sector registered the highest growth among economic diversification activities, achieving an 8.6 per cent increase to reach RO 3.6 billion at constant prices by the end of 2024.
This represents 10 per cent of the GDP", he further added.
He added that the industrial exports stood at RO 6.2 billion in 2024, he added, highlighting the growing added value of national industries and their ability to access regional and global markets.
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