Industrial sector plays crucial role in achieving Oman Vision 2040

Industrial sector plays crucial role in achieving Oman Vision 2040

Oman's industrial sector is poised to play a pivotal role in achieving Oman Vision 2040, according to Mazen bin Humaid al Siyabi, Assistant Director- General of Industry at the Ministry of Trade, Industry and Investment Promotion (MOCIIP). Delivering the opening speech at the Al Roya Economic Forum held under the auspices of Qais bin Muhammad al Yousef, Minister of Commerce, Industry and Investment Promotion, Al Siyabi stressed that since the 1970s, the manufacturing sector has witnessed rapid growth and the percentage of its contribution to the Gross Domestic Product (GDP) has increased significantly over the past years. He added that despite the fluctuations, this sector has become an essential factor in advancing the economy since the beginning of the era of the Fourth Industrial Revolution. The contribution of manufacturing industries to the GDP of Oman in 2023 amounted to more than RO3 billion. The industrial sector by the end of the fourth quarter of 2023 attracted foreign direct investment of more than RO1 billion. "These data clearly reflect the important role played by the industrial sector in the economy of the Sultanate of Oman, and strengthening manufacturing industries to support the economy and enhance the export capacity of the Sultanate