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Industry at the forefront of economy, say experts
February 7, 2018 | 10:06 PM
by Times News Service
The use of technology in national industries has become necessary to reduce costs and compete globally. Oman’s successful push on both fronts drew praise for industrialists.
 
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Muscat: Experts discussed the importance of the industrial sector to the Sultanate’s future, ahead of Oman's Day of Industry, tomorrow.

“The industrial sector is a pillar of the national economy and contributes to the creation of employment opportunities for Omani youth,” Managing Director of Sohar Steel Group Khalid Tawfiq Abdul Rasoul said.

The industrial sector has become the backbone of Oman's drive to become a manufacturing-based economy because of the government’s prioritisation of localising industries and diversifying away from oil.

Numerous initiatives were launched to achieve this objective, including the establishment of a bus factory and other projects designed to build local capacities in multiple areas.



“Industry remains at the forefront of the world’s economic sectors and plays an important role in increasing the income levels of countries and establishing sustainable job opportunities for its youth,” Dr. Said Al Mahrami, a member of the State Council, said.

Economic and industrial experts stressed that Oman was steadily moving towards achieving sector-wide development, leading to the construction of specialised industrial zones, new roads, and ancillary services. “Industry has the benefit of three revenue streams, which are difficult to sustain in other sectors, due to its ability to add value to oil, mining, farm and other sectors.

“In addition to achieving financial returns through export or supplying the local market with commodities and keeping the largest amount of money inside the country, which in turn contributes to the expansion of the economic cycle and doubling of trading,” Al Mahrami added.

The use of technology in national industries has become necessary to reduce costs and compete globally. Oman’s successful push on both fronts drew praise for industrialists.

Industry Day

“Since the founding of Omani Industry Day, we have witnessed an increase in the number of factories, a growth in the finance of industrial projects, as well as funds for SMEs,” Kamla Al Awfi, CEO of World Natural Stones, said.

Sulaiman Al Rashedi, Chief Executive Officer of Raki, said: “The industrial sector has contributed to the progress of many countries, such as Singapore and Japan, which despite having few natural resources are among the strongest economies in the world, thanks to their industrial prowess.”

“We look forward to seeing large industrial cities in the time to come,” he added.

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