Sultan Haitham bin Tariq, ruler of Oman, has launched the “Industrial Strategy 2040” with the goal of promoting economic diversification, enhancing Omani industrial products, developing a modern manufacturing base with technology, and introducing an incentive program that includes measures such as converting limited liability companies into joint-stock firms. Qais bin Muhammad Al-Yousef, Minister of Trade, Industry, and Investment Promotion, emphasized the significance of the industrial sector in Oman’s economic diversification efforts, contributing 9% to the GDP in 2023.
The manufacturing industries strategy 2040 was developed in collaboration with UNIDO to align with global economic trends and Oman Vision 2040. The strategy aims to establish an advanced industrial base by 2040 using modern technology while fostering Omani creative capacities and improving the quality of industrial products. It encompasses objectives such as diversifying manufacturing activities, creating innovative products, exploring new markets, adopting advanced technologies, and promoting a culture of innovation. Dr. Saleh bin Saeed Musan, Undersecretary of the Ministry of Trade, Industry, and Investment Promotion explained the two-stage formulation process used to create the strategy: firstly involving sector diagnosis and goal setting followed by policy development and implementation planning.
In response to global economic changes in 2023
