MoCIIP to announce 50 investment opportunities in industrial sector in Oman

Oman Saturday 29/May/2021 13:32 PM
By: Times News Service
MoCIIP to announce 50 investment opportunities in industrial sector in Oman

Muscat: To assist with implementing the Manufacturing Strategy 2040, and as a part of the initiatives of the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) to create new investment opportunities in various sectors, the ministry will announce on Monday 50 investment opportunities in the industrial sector in the Sultanate .

The virtual ceremony will be under the patronage of HE. Qais bin Mohammad bin Musa Al Youssef, Minister of Commerce, Industry and Investment Promotion in the presence of several officials, foreign ambassadors, businessmen, investors and representatives of chambers of commerce and industry from GCC countries.

The new investment opportunities are expected to contribute to attract other potential investment chances of more than OMR 200 million, and to the diversification of the industrial sector across the governorates of the Sultanate, which in turn will raise the contribution of the manufacturing sector in GDP of the country.

According to MoCIIP, the contribution of the industrial sector till September 2020 has exceeded OMR 4,110 billion, while the contribution of the manufacturing companies shares into the capital market during January 2021 reached to 25 per cent of the value of shares traded at Muscat security market.

Engineer Sami bin Salim Al-Sahib, Director General of Industry at the Ministry of commerce, Industry and Investment Promotion, stated that: “The upcoming action plan of MoCIIP is compatible with Oman’s Vision 2040, which aims at diversification and enhancing of economic growth, creating new job opportunities, raising the Sultanate’s ranking in international indicators , strengthening the local value added, promoting foreign direct investment ,achieving balanced development across the governorates of the Sultanate and enhancing the diversification of country’s exports.”

He pointed out that the disclosed investment opportunities are in various fields in the industrial sector which include mining activities, quarrying, food products manufacturing, paper products manufacturing, chemical products manufacturing, rubber and plastics products, non-metallic products manufacturing, base metals manufacturing, the manufacturing of formed mineral products except for machinery, electrical equipment manufacturing, machinery and equipment manufacturing, transportation equipment manufacturing, waste collection, treatment, disposal and material recovery activities, in addition to HVAC assembly plant in the construction field and establishing Centre of Excellence for food industries in the education field .