Oman UNIDO to ink pact on preparing strategy for attracting investments

2/7/2016 5:57:33 AM

(MENAFN- Muscat Daily) Muscat-

Oman in cooperation with the United Nations is preparing to form a new strategy on attracting investments in the manufacturing sector.

Oman represented by the Ministry of Commerce and industry (MoCI) will sign the agreement with the United Nations investment Development Organization (UNIDO) within two weeks officials said.

They said the strategy is expected to be developed by 2017. A special committee comprising authorities related to the manufacturing industry will implement the strategy said Nahla al Hamdi industry head Oman Chamber of Commerce and Industry.

The government is seeking to develop downstream industries particularly related to methanol. Nahla said MoCI has conducted three studies on the manufacturing sector: methanol local content and the Omani workforce.

On Thursday MoCI held a workshop for Omani businessmen on potential projects. At the workshop Dr Atif Elgozali from the Gulf Organization for Industrial Consulting presented five opportunities: polyoxymethalane (POM) acetic acid isocynates (MDI) cold rolled products and ceramic tiles.

None of the industries currently exist in Oman but can be developed. The efforts come as the government is close to finalising a new Foreign Direct Investment (FDI) law.

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