Muscat: A major study conducted by Oman government on developing industrial sector has recommended for five significant investment opportunities to exploit available natural resources in the Sultanate.
The study, jointly conducted by the Ministry of Commerce and Industry and the Gulf Organisation for Industrial Consulting, suggested ways to eliminate exports of raw materials and add value for export items.
The consultants also reviewed the most commonly used products in the Sultanate that are not locally produced, as also the locally manufactured products, which are insufficient to meet market needs. Moreover, the factors that force the country to rely on imports were also studied, according to a press release.
Local products, manufactured entirely of locally sourced inputs such as fish, dates, different kinds of fruits and citrus, vegetables, salt, gold, and petroleum products and natural gas, followed by local manpower were a major focus of the study. It also included some products whose components are imported, especially from the nearby markets, but are valuable for the Omani economy due to its diversity and its multi-use, or due to their export advantages.
The study on ‘domestic resources of the Sultanate’ is expected to help authorities improve the balance of trade, raise standard of living, find jobs for citizens, and widen the industrial and technological base.
This study is part of efforts taken by the Sultanate to improve investment climate in the country, which will attract local and foreign investments and enhance its economic diversification plan.
Study mainly aimed at shedding light on the manufacturing industries in the Sultanate, and supported establishing a general framework for national industries. In addition, it analysed various deficiencies and issues in the industrial sector and possible investment opportunities.
Further, the study looked at strengthening the industrial diversification policy, and enhancing industrial production. The best use of natural and human resources in the Sultanate and strategies to achieve balance of trade by encouraging local industries and hiring more nationals were also considered in the study.
The ministry pointed that the study focused on the status of the manufacturing industry in the Sultanate, by preparing a list of running factories, cumulative investments and workforce, and commodity composition. Further, the contribution of the manufacturing sector in the national economy was also considered in the study.
The second part of the study evaluated Oman’s industrial competitiveness; with emphasis on the political stability the Sultanate enjoys under the wise leadership of His Majesty Sultan Qaboos bin Said. The third part reviewed the product design capabilities of the manufacturing industry in line with international classification framework.
A review of the indicators of the general framework for national industries, and the underlying major economic and social considerations was taken up in the fourth phase of the study.
The methodology mainly used the analytic deductive style, and used organisational data bases (foreign trade database, Gulf industries base, and economic and social database). It also relied on previous studies and researches, in addition to literature published by the Ministry of Commerce and industry and other concerned parties.
Source Link: timesofoman.com