Sultan of Oman Embraces Industrial Strategy 2040

Sultan Haitham bin Tariq, Sultan of Oman, has implemented the “Industrial Strategy 2040” with the goal of promoting economic diversification, improving Omani industrial products, building a modern manufacturing base with technology, and launching an incentive program that includes initiatives like transforming limited liability companies into joint-stock firms. Qais bin Muhammad Al-Yousef, Minister of Trade, Industry, and Investment Promotion, highlighted the industrial sector’s importance 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, fostering Omani creative capacities, and improving the quality of industrial products. It includes objectives like 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 strategy’s two-stage formulation process, involving sector diagnosis and goal-setting followed by policy development and implementation planning.

The strategy was reviewed in 2023 to update its performance indicators in response to global economic changes. It focuses on 30 promising industries categorized into natural resource-based, capital-intensive, and knowledge-driven sectors. Collaboration with public and private entities was crucial in preparing the strategy, targeting growth in manufacturing industry contributions, non-oil exports, and investment attraction. Implementing the strategy aims to triple the manufacturing sector’s GDP contribution by 2040 and drive significant export and investment growth.