MUSCAT : During its third meeting, chaired by His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, senior officials, dignitaries, and representatives from government and the private sector signalled renewed momentum toward achieving the goals of Industrial Strategy 2040.

In its third session, the National Industries Development Committee reviewed the progress of ongoing industrial initiatives and the implementation status of earlier recommendations. The discussions focused on strengthening the readiness of industrial investment opportunities, improving factory efficiency, and enhancing the overall business environment through targeted regulatory development.

A detailed presentation outlined the general framework for industrial investment opportunities, including efforts to unify models and outputs for greater consistency. The committee also examined the mechanism for assessing requests related to liquefied petroleum gas stations, proposals from various industrial sectors on resource allocation, and strategies to expand promising industries while improving the incentive ecosystem.

Members reviewed updates on the sectoral skills development project, which aims to empower the national workforce in line with evolving industrial needs. They also evaluated a proposed award for best industrial practices, designed to boost sector-wide competitiveness and operational excellence.

The committee approved several key recommendations. These include strengthening inter-agency coordination for investment opportunities, unifying professional fees under clear governance frameworks, and expediting the completion of standard specifications for industrial sectors. A dedicated body within the ministry will also be assigned to assess the readiness of industrial opportunities before promotion, ensuring quality and coherence. Additional emphasis was placed on closely tracking initiatives linked to promising industries and national support programs.

Highlighting the integral role of collaboration, the committee stressed the importance of continued joint efforts between government entities and the private sector to advance the industrial sector and support Oman’s economic development objectives.

The National Industries Development Committee plays a pivotal role in driving the growth of national industries. Its mandate includes overseeing Industrial Strategy 2040, fostering innovation, supporting manufacturing capabilities, and strengthening the contribution of small and medium enterprises. The committee is also responsible for shaping policies around local added value, boosting purchases from national industries, replacing imports with domestic production, and increasing the global competitiveness of Omani products.

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