MUSCAT: Downstream plastic industry in Oman is expected to grow in the coming years, said a senior official at the Public Establishment for Industrial Estates (PEIE).
The upstream industry is already performing well and a good downstream industry is expected to take shape, Hilal bin Hamad Al Hasani, chief executive officer (CEO) of PEIE, told reporters on Tuesday.
He made these comments after inaugurating Oman Plast 2016, the third international plastics, rubber, chemicals, printing and packaging industry exhibition in Oman, at the Oman International Exhibition Centre in Muscat.
The exhibition, organised by Silver Star Corporation, showcases the latest technology and machineries used in the manufacturing of plastics, rubber, packaging and petrochemicals. It will run until January 7.
Al Hasani said the participation of various Omani and non-Omani companies in the exhibition was a positive sign, and reflected good market prospects not only in Oman, but internationally as well.
Oman is a place where you can produce and export and it is a fact that many companies are manufacturing their products in the Sultanate, the official noted.
Asked if the current global economic situation had negatively affected the industrial sector in Oman, Al Hasani said, “There is no direct affect on us at all. I feel it is a cycle and it is similar to any other cycle that has happened before. So I do not think this will last for a long time.”
Also, Oman had good economic planning, which would help it deal with the situation, he said, adding that the industry was growing and there were plans to develop more industrial estates in the future.
According to him, there are a large number of Omanis working in industrial estates and there will be demand for more workers as new companies are being set up.
“So the future planning for the industry is promising. There is good demand. We have never been affected by any such crisis at all in the past,” said the CEO of PEIE.
Asked about the amount of investment being made in the industrial estates, Al Hasani said new data will be published in the coming months, but the total amount is expected to surpass OMR5 billion.
Oman Plast 2016 provides a good platform for Oman and its neighbouring states to source new technology and products. As the petrochemical industry is one of the main components of the Omani economy, the event will give great impetus to further diversify its growth.
The exhibition is open from 10am to 6pm and is exclusively for traders and businessmen.
The Gold Sponsor for the exhibit is Oman Oil Refineries and Petroleum Industries Company (Orpic). Delegates from various countries are participating in Oman Plast 2016.