Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, will outline the investment opportunities at a virtual forum due to be attended by the Ministry’s under-secretaries, foreign ambassadors, representatives of chambers of commerce of the GCC states, business leaders and investors.
Total investment in these business opportunities is estimated in excess of RO 200 million.
According to the Ministry, the industrial sector has attracted RO 4.110 billion in investment as of September 2020. Manufacturing companies account for 25 per cent of shares traded on the Muscat Stock Exchange. Non-oil commodity exports have also climbed to RO 3.23 billion in 2019, compared to RO 3.17 billion in 2017.
Engineer Sami bin Salim al Sahib, Director-General of Industry at MoCIIP, said: “The upcoming action plan of MoCIIP is in alignment with Oman Vision 2040, which aims at the diversification and enhancing economic growth, creating new job opportunities, raising the Sultanate’s ranking in international indicators, strengthening local added value, promoting foreign direct investment, achieving balanced development across the governorates of the Sultanate, and enhancing the diversification of country’s exports.”
The proposed projects pertain to mining and quarrying activities, food processing, and manufacturing of paper products, chemical products, rubber and plastics products, non-metallic products, base metals, electrical equipment, machinery and equipment, transportation equipment, mineral processing, waste collection, treatment, disposal and recycling, and HVAC assembly plant construction. Also proposed is a Centre of Excellence for Food Industries.
The new industrial investment proposals, he said, have been subject to a three-stage process of vetting.
In the first stage, they are evaluated for their anticipated contribution to the government’s 2040 Manufacturing Strategy. In the second phase, preliminary feasibility studies are undertaken to promote the projects to potential investors. Finally, in the third stage, the investors join together to conduct final feasibility studies for each project.
Source Link: www.omanobserver.om