Phase II of Industrial Strategy 2040 unveiled

Phase Two aims at improving cooperation between government entities and offices through outlining roles and responsibilities and drafting laws and regulations

MUSCAT: Oman’s Ministry of Commerce and Industry (MOCI) has launched phase two of the Industrial Strategy 2040, in collaboration with the United Nations Industrial Development Organisation (UNIDO), which aims to identifying the policies and tools required for the successful implementation of the strategy.

“After the success of phase one in outlining the status of the industrial sector and the government priorities in the next stage regarding high technologies and capital-intensive and resourcebased industries, and identifying challenges and obstacles ahead, Phase Two is meant by drafting a time-table and the mechanisms for achieving these priorities,” said Sami Salim Al Sahib, Director General of Industry, at the Ministry of Commerce and Industry.

He added: “This will start with evaluating the requirements of investment in the manufacturing sector to achieve the Industrial Strategy 2040 to understand the required level of investment from the private sector. Following the evaluation, there shall be an identification of the required policies and tools for implementing the Manufacturing Strategy 2040, as well as how the business environment can be further enhanced, as well as funding and tax exemption. Furthermore, there will be programmes for developing labour skills to upgrade readiness to capitalise on the Fourth Industrial Revolution.”

According to the DirectorGeneral of Industry, Phase Two aims at improving cooperation between government entities and offices through outlining roles and responsibilities and drafting laws and regulations that support developing services related to manufacturing.

This phase also categorised the procedures and mechanism required for the implementation of the strategy into groups, where the first group will be implemented in 12 to 24 months.

There are more procedures to be implemented in five, 10 and 20year periods, keeping in mind the sector performance indicators. Al Sahib stressed that there would be further extended consultations and meetings with the competent authorities and parties as soon as the initial draft of proposed policies and plans were done, to achieve the aims of the Manufacturing Strategy 2040 through a transparent and appropriate decision-making process.