Oman is currently undergoing a major transformation in its industrial sector with the launch of the “Industrial Strategy 2040”. The goal of this strategy is to promote economic diversification, enhance the quality of Omani industrial products, establish a modern manufacturing base driven by technology, and launch incentive programs that involve initiatives like converting limited liability companies into joint-stock entities.
The importance of the industrial sector in Oman’s economic diversification efforts cannot be overstated. By the end of 2023, it had contributed 9% to the gross domestic product. To achieve this, the Manufacturing Industries Strategy 2040 was developed in collaboration with the United Nations Industrial Development Organization and aligns with global economic trends and Oman Vision 2040.
The strategy aims to create an advanced industrial base by 2040 through leveraging Omani creative capabilities and innovative production technologies. It includes objectives such as diversifying the manufacturing sector with advanced technologies, developing products that enhance health and well-being, entering new markets, adopting the latest technologies, and fostering a culture of innovation.
Dr. Saleh bin Saeed Musan, Undersecretary of the Ministry of Trade, Industry, and Investment Promotion explained that the two-stage formulation of this strategy involved a detailed diagnosis of Oman’s manufacturing sector and policies and procedures were developed to achieve its goals. The strategy was revised in 2023 to address global economic changes.
Collaboration with public and private entities has been crucial in preparing this strategy with indicators targeting growth in manufacturing industry contributions to GDP, non-oil exports, and attracting investments to the sector. By successfully implementing this Manufacturing Industries Strategy 2040 by 2040
