Shura Council hosts Minister of Commerce, Industry and Investment Promotion
Muscat: The Shura Council on Wednesday hosted Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, to discuss the ministry's statement across six key themes: the contribution of the public and private sectors to GDP, the ministry's vision for the future of the industrial sector, its projects during 2020–2023, an evaluation of free trade agreements and the Nazdahir program, foreign direct investment flows and the ministry's future aspirations.
This took place during the Council's thirteenth regular session of the second convening of its tenth term.
The Minister stated that the trade sector's contribution to GDP at constant prices reached approximately 8.3% in 2024, amounting to OMR3.225 billion, with a cumulative growth rate of 6.6% during the Tenth Five-Year Plan.
He added that the manufacturing sector recorded the highest growth rate among economic diversification activities, at 8.6%, reaching OMR3.6 billion at constant prices by the end of 2024—constituting 10% of GDP.
He highlighted that industrial exports reached OMR6.2 billion in 2024, reflecting the growing added value of national industries and their ability to penetrate regional and global markets. He noted that over 260 initiatives are currently being implemented in collaboration with partners and stakeholders as part of the Industrial Strategy 2040.
The Minister revealed that the number of Omani Standard Specifications issued by the ministry by the end of 2024 totalled 7,523, with 17 technical services streamlined. Additionally, the Invest Oman platform received around 90 investment requests worth OMR5.38 billion between its launch in February 2023 and June 2025, with 43 projects worth OMR2.25 billion localised in strategic sectors such as industry, healthcare, food security, and renewable energy.
The minister pointed out that cumulative foreign direct investment (FDI) in Oman rose to nearly OMR30 billion by the end of 2024. The ministry has simplified commercial and industrial procedures through the Oman Business Platform, which processed over 800,000 transactions in 2024 and added 24 digital services.
To combat concealed trade and ensure fair competition, the ministry has enforced measures including mandatory electronic payment methods for commercial activities, aligning with global trends in the digital economy. A ministerial decision was also issued to enhance corporate governance standards for closed joint-stock companies, said the minister.
He further added that the ministry has bolstered community participation in the local economy through initiatives supporting consumer cooperatives, including regulatory incentives such as streamlined registration and commercial site allocation. In e-commerce, new regulations were introduced, and the Ma'roof Oman platform was launched to certify online stores, boosting consumer trust and increasing licenses by 236.4% within a year.
He pointed out that key programmes launched include the Industrial Observatory to monitor sector performance and optimize supply chains, the Automation and AI Program to modernize factories, 'Tasneea' to localize procurement, and 'Ta'meer' to link major urban projects like Sultan Haitham City with local products—fostering economic integration.
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