Industry sector back on growth path, says Commerce Minister

Muscat: Challenges faced by the industrial sector and the steps required to take it to the next level were discussed at a meeting organised by the Ministry of Commerce and Industry.
Chaired by Dr. Ali bin Mas’oud Al Sunaidi, Minister of Commerce and Industry, it had the participation of Omani industrialists. It was organised on the occasion of the Omani Industry Day, which falls on February 9 each year.
The event is held to commemorate the visit of His Majesty Sultan Qaboos bin Said to Al Rusayl Industrial Estate on February 9, 1991.
It reviewed important developments and discussed challenges faced by the sector and the requirements of the next stage to raise the sector’s contribution to the GDP.
He said that the preliminary data indicate that the industrial sector regained growth by the end of 2017. The number of industrial firms listed on Muscat Securities Market (MSM) by the end of 2017 stood at 42 with a trading volume of OMR6.791 billion.
He added that the existing projects in the industrial estates of the Public Establishment for Industrial Estates (PEIE) provided more than 55,800 jobs, including about 19,000 jobs for Omanis, constituting 35 per cent by the end of 2017.
He pointed out that the proportion of Omanis working directly in the industrial sector in general is still below the expected level, where the sector registered about 26,000 Omanis out of about 250,000 employees.
At the end of the meeting, the Minister of Commerce and Industry responded to questions raised by the industrialists on Omanisation in the industrial sector and the use of modern technology in factories, as well as the expansion of mining industries.