Industrial sector contributed OMR5.6 billion to GDP: Sunaidi

Muscat: The industrial sector contributed OMR5.6 billion to the GDP at the end of 2017, said Dr. Ali bin Masoud Al Sunaidi, Minister of Commerce and Industry.
Industrial activities in general grew until the end of September 2018 by 1.2 per cent, while manufacturing industries increased to reach about OMR2.8 billion by the end of 2017.
Al Sunaidi said, “The National Centre for Statistics and Information figures showed that industrial activities achieved positive growth rates over the past years. It had contributed 10 per cent to the GDP by the end of 2017.”
He added, “The challenge facing the Omani industry lies in the impact of markets in the region, especially in the construction sector. Therefore, the factory departments have to invest in different production lines and increase the pace of exploring promising markets beyond the borders of the region.”
The 2040 industrial strategy should aim at better growth rates, which requires increased efforts using advanced means of production, including the use of modern technologies, raising the productivity of workers and exploring promising markets, he said.
The second and final phase of the preparation of the 2040 industrial strategy, in cooperation with the United Nations Industrial Development Organisation, will focus on the investment and financing requirements of priority projects in the promising sectors, the development of tools and work policies.
The government continues to encourage the industrial sector through expanding the processing of industrial zones, in addition to facilitating the entry of equipment and raw materials for industrial purposes. The decisions of customs exemptions for industrial projects increased by the end of 2018 to reach 158 decisions compared to 63 in 2017, according to Al Suniadi.
He pointed out that the exemption decisions from the new income tax in 2018 stood at 11 decisions compared to six in 2017.
The industrial sector is one of the five productive sectors that the “Tanfeedh” programme focuses on, where the number of projects for the industrial sector within “Tanfeedh” stood at 26 projects; some of them reached the stage of production, while the implementation rates in the total projects were between 40 per cent and 90 per cent.
The event 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.