MUSCAT – The Ministry of Commerce and Industry has launched Phase 2 of the Industrial Strategy 2040, in collaboration with the United Nations Industrial Development Organization (UNIDO), which aims at identifying the policies and tools required for the successful implementation of the strategy. After the success of Phase 1 in outlining the status of the industrial sector and the government priorities in the next stage regarding high technologies and capital- intensive and resource-based industries, and identifying challenges and obstacles ahead, Phase 2 will focus on the drafting of a time-table and mechanisms for achieving these priorities, said Sami Salim al Sahib, Director General of Industry, Ministry of Commerce and Industry said.

It will evaluate the requirements of investment in the manufacturing sector to achieve the Industrial Strategy 2040, as well as ascertain the required level of investment by the private sector. Following the evaluation, there shall be an identification of the required policies and tools for implementing the Industrial Strategy 2040, how the business environment can be further enhanced, funding and tax exemption, and so on. Furthermore, there will be programmes for developing labour skills to capitalizing on the 4th Industrial Revolution, he explained.

According to the Director General of Industry, Phase 2 aims at improving cooperation between government entities and offices through outlining roles and responsibilities and drafting laws and regulations that support developing services related to manufacturing. This phase will also categorize the procedures and mechanism required for the implementation of the strategy into groups; where the first group will be implemented in 12-24 months. And there are more procedures to be implemented in five, ten and twenty-year periods according to manufacturing sector performance indicators.

Al Sahib stressed that there shall be further extended consultations and meetings with the competent authorities and parties as soon as the initial draft of proposed policies and plans is done, to achieve the aims of the Industrial Strategy 2040 through a transparent and appropriate decision making process.

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