MUSCAT– The Ministry of Commerce and Industry will continue to play a major role in the formulation of the in-country value (ICV) for industrial sector, which is one of the main features of Omans industrial strategy 2040. According to a top official, the ministry has been contemplating adoption of the best international practices in accordance with the interests of the stakeholders in the sector. This is to expand the national efforts aimed at ensuring continuity, sustainability, effectiveness and comprehensiveness of the ICV strategy, in cooperation with various government agencies and the private sector, said Sami Salem al Sahib, Director General of Industry in the Ministry of Commerce and Industry.

The ministry is supervising preparation of ICV strategy and is looking forward to presenting it within a year. During the work on ICV, a short- term additional commitment will be applied on companies operating in the industrial sector. However, ICV offers the possibility of reducing long-term supply chain costs while providing new opportunities for the local economy, he said.

JOBS FOR NATIONALS


Al Sahib expressed his expectation that the implementation of the ICV would help in expansion of manufacturing base and manufacturing in the country, encourage the transfer of technology, increase employment of locals and expand the local ownership base, as well as help in increasing investments in the manufacturing sector.
The Sultanates gross domestic product (GDP) achieved a real growth rate of 2.9 per cent from 2015 to 2017. This is in the period when the world economy started recovering since the end of 2016.
Omans manufacturing sector has maintained a stable growth of 2.6 per cent in the period from 2015 to 2017.
This resulted from the initiatives launched by the National Programme for Enhancing Economic Diversification (Tanfeedh) and thanks to the continuous investments in the manufacturing sector in the country, Engineer Al Sahib said.
As part of the Future Vision 2040, the government has been endeavouring for a massive expansion in strategic industries and adapting Fourth Industrial Revolution, Engineer Al Sahib said.

NEW INVESTMENTS


He said the statistics showed that the purchase of the raw material by the manufacturing sector has increased year after year to be used for industrial process in the local industries. Al Sahib expressed his optimism about the important role the new investments would play in the manufacturing sector.
The new investments will strengthen and expand the industrial sector of the Sultanate. This is especially as the sector has succeeded in consolidating its position as a leading element in the local economy.


Dr Charles Fang Qinzheng, an economist in the Ministry of Commerce and Industry, said that in view of the current changes in the global trade scenario and geopolitical uncertainties in the trade routes, the industrial establishments which are producing for export were considered very sensitive to the rates of change in global demand for industrial products.

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