Commerce ministry welcomes His Majesty’s Royal directives

Commerce ministry welcomes His Majesty’s Royal directives

Muscat: The Ministry of Commerce, Industry and Investment Promotion welcomed the Royal directives of His Majesty Sultan Haitham bin Tarik for the Industrial Strategy 2040 and the launch of a number of initiatives including the transformation of limited liability companies into joint stock companies (closed).

The ministry reaffirmed the role and contributions of the manufacturing sector which is the second most important sector after the oil and gas sector in terms of contribution to the Gross Domestic Product (GDP).

Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the industrial sector is one of the key pillars for economic diversification in Oman as it contributed 9% of the GDP at current prices by the end of 2023.

He said that the Industrial Strategy 2040 was approved in partnership with United Nations Industrial Development Organisation to keep abreast of the latest international economic developments and Oman Vision 2040.

He said that the strategy aimed to boost economic diversification through establishment of a well-developed manufacturing base established on modern technology by 2040 through the optimal employment of creative production technologies and with focus on upgrading the quality of Omani industrial products.

Dr. Saleh bin Said Masan, Undersecretary for Commerce and Industry at