Sunday, 22 September 2019 09:56 GMT

Oman launches phase 2 of Industrial Strategy 2040

(MENAFN - Muscat Daily) Muscat - 

The Ministry of Commerce and Industry (MoCI) launched phase two of the Industrial Strategy 2040, in collaboration with the United Nations Industrial Development Organization (UNIDO).

The second phase aims at 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, capital-intensive and resource-based industries, and identifying challenges and obstacles ahead, phase two will focus on drafting a timetable and mechanisms for achieving these priorities,' said Eng Sami Salim al Sahib, director general of industry, MoCI.

He explained how phase two will start with evaluating the requirements of investment in manufacturing sector.

'Following evaluation, there will be an identification of the required policies and tools for implementing Industrial Strategy 2040 and how business environment can be further enhanced. Aspects of funding and tax exemption will also be deliberated on. Furthermore, there will be programmes for developing labour skills to upgrade readiness to capitalise on the Fourth Industrial Revolution.'

It also includes improving cooperation between government entities and offices through outlining roles and responsibilities and drafting laws and regulations that support services related to manufacturing.

This phase will also categorise the procedures and mechanism required for the implementation of the strategy into groups. The first group will be implemented in 12-24 months.

There are more procedures to be implemented in five, ten and twenty- year periods according to the manufacturing sector's performance indicators.

Eng Sahib also stressed on extended consultations and meetings with the competent authorities as soon as the initial draft of proposed policies is done. This will help achieve the aims of the Industrial Strategy 2040 through a transparent process.


Oman launches phase 2 of Industrial Strategy 2040

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