Friday 05 / July / 2024
Muscat: The Sultanate of Oman scaled five places up the Competitive Industrial Performance (CIP) Index 2024.
In the CIP, issued by the United Nations Industrial Development Organization, Oman rose to 53rd place globally and occupied 4th place regionally.
The CIP seeks to evaluate and measure the industrial competitiveness of 153 global economies.
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, said that the progress made by Oman in the CIP 2024 is a direct outcome of the implementation of programmes and initiatives to develop the industrial sector. Salient features of this progress include the ability to attract industrial investments based on advanced technologies, the launch of factory automation programmes and the consolidation of supply chains.
He added that Oman’s progress in the CIP also benefited from increased dedication to Oman's Industrial Strategy 2040, which sets the general guideline for industrial growth. The strategy focuses on upgrading converting industries (by using advanced technology), developing innovative products, and expanding exports, regionally and internationally, he explained.
Data issued by the National Centre for Statistics and Information (NCSI) showed that the output of converting industries by the end of the first quarter 2024 stood at RO 951 million at fixed prices, up by 9.2 percent as against the performance achieved during the corresponding period in 2023. Converting industries constituted 10 percent of sectoral contribution to the Gross Domestic Product (GDP).
Non-oil exports (most of which are industrial products) also grew by 45 percent by the end of the first quarter of 2024, compared to the corresponding period in 2023. They constituted 36 percent of total exports.
It is worth noting that new local and foreign investments in the converting industries sector recently experienced steady growth, diversification and optimal distribution.
