MUSCAT : In way to implement the Manufacturing strategy 2040 , and as a part of the initiatives of the Ministry of Commerce , Industry and Investment Promotion (MoCIIP ) to create new investment opportunities in various sectors  , MoCIIP will disclose on Monday 31^st May  about 50 investment opportunities in the industrial sector in the Sultanate .

The virtual disclosing ceremony will be under the auspicious of HE. Qais bin Mohammad bin Musa Al Youssef, Minister of Commerce, Industry and Investment Promotion in the presence of a number of their excellences the undersecretaries, foreign ambassadors, private companies’ chairmen of board of directors, businessmen, investors and representatives of chambers of commerce and industry from GCC countries. 

 The new investment opportunities are expected to contribute to attract other potential investment chances of more than RO (200) million, and to the diversification of the industrial sector across the governorates of the Sultanate, which in turn will raise the contribution of the manufacturing sector in GDP of the country. 

According to MoCIIP emphasized that,  the contribution of the industrial sector til September 2020 has exceeded RO (4,110) billion , while the contribution of the manufacturing companies shares into the  capital market during January 2021 reached to  to 25% of the value of shares traded at Muscat security market. Meanwhile the value of non-oil commodity exports in 2019   increased to RO (3.23) billion, compared to RO (3.17) billion in 2017. 

Engineer Sami bin Salim Al-Sahib, Director General of Industry at the Ministry of commerce, Industry and Investment Promotion, stated that  : The upcoming action plan of MoCIIP is compatible  with Oman’s Vision 2040, which aims at the  diversification and enhancing the economic growth, creating new job opportunities, raising the Sultanate’s ranking in international indicators , strengthening the local value added, promoting foreign direct investment ,achieving balanced development across the  governorates of the Sultanate and enhancing the diversification of  country’s exports.

 He clarified that, the setting of these new investment opportunities comes in line with the ministry’s direction toward developing the industrial sector by enabling the investors to catch the potential industrial investment opportunities with economic feasibility, while MoCIIP will include the target of creating industrial investment opportunities in its annual plans in cooperation with our partners in the public and private sectors. 

Al-Sahib added  that  , the methodology used to set new  investment opportunities includes several stages, where is  the first phase is to define priorities for the required opportunities in  the  sectors targeted by the manufacturing strategy , while the second phase includes the preparing of preliminary feasibility studies for the new opportunities and to present them to the potential  investors, while the  third phase is to cooperate with investors to conduct final feasibility studies for each project. 

 Engineer Al-Sahib pointed out that ,the disclosed investment opportunities are in variant fields  in the industrial sector which include the mining activities, quarrying, food products manufacturing, paper  products manufacturing, chemical  products manufacturing, rubber and plastics products, non-metallic products manufacturing, base metals manufacturing,  the manufacturing  of formed mineral products except for machinery,  electrical equipment manufacturing, machinery and equipment manufacturing, transportation equipment manufacturing, waste collection, treatment, disposal and material recovery activities, in addition to HVAC assembly plant in the construction field and establishing  Center of Excellence for Food Industries  in the education filed . 

 Sami Al-Sahib concluded that , by presenting these  initiatives , the Ministry of  Commerce , Industry and Investment Promotion aims at facilitating  procedures for the investors ,  contributing to promote investment opportunities, attracting pf high quality investments in sectors that can enhance the  economic diversification, creating an appropriate environment for the success and development of all investments, empowering the private sector and motivating it to invest successfully , and developing all industrial sectors, strengthening in-country value-added programs in partnership with the private sector, improving the trade balance, enhancing the market share of the Omani product, ensuring the achievement of free competition rules, enhancing the principle of decentralization, and developing a competitive business environment in the Sultanate.

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