Shura Council committee discusses Unified Industrial Regulation Law of GCC

Times of Oman

10 hours ago

Muscat: As part of its discussion on the draft Unified Industrial Regulation Law for the Gulf Cooperation Council (GCC) States, the Economic and Financial Committee of the Shura Council hosted on Monday, several specialists from the Ministry of Commerce, Industry and Investment Promotion.
The draft law was referred by the government to the Council for study.
The ministry's representatives affirmed that the draft law aims to regulate the industrial sector, promote industrial development, encourage industrial investment, and increase the sector's contribution to national income.
It also seeks to strengthen industrial integration and the interconnection of economic activities among the GCC states.
The law is expected to support the alignment of economic policies related to industrialisation, meet the requirements of economic development plans and programmes, foster innovation, and adopt and localise advanced technologies to enhance the competitiveness of the industrial sector.
Members of the committee emphasised the importance of ensuring that the provisions of the draft law take into account the specific characteristics of the local industrial sector and align with existing laws and regulations governing industry in Oman.
The discussion took place during the Committee's fifteenth meeting of the second annual session (2024–2025) of the tenth term of the Council, chaired by Ahmed bin Saeed Al Sharqi, Chair of the Committee, and attended by its members.
During the meeting, the committee also reviewed and approved the final report on the expressed desire regarding the assessment of the current state of local industries in the Sultanate of Oman.
The report aims to analyse the industrial landscape in terms of challenges, opportunities, and readiness to contribute to the goals of the industrial strategy and Oman Vision 2040.
The report concluded with a number of findings and recommendations aimed at supporting the growth of the industrial sector, most notably the need to align policies with the national industrial strategy and provide a package of incentives and facilitations.
Additionally, the committee approved the final report on the expressed desire concerning the evaluation of the competitiveness and attractiveness of Oman's business environment.
This discussion reflects the committee's ongoing efforts to support economic development and enhance the business climate in line with the aspirations of Oman Vision 2040, and to contribute to attracting investments and diversifying sources of national income.
The report outlined key challenges facing the business sector and presented recommendations to enhance its competitiveness and appeal to foreign investors.
It is worth noting that, as part of its study of the expressed desires, the committee held several meetings and hosted experts from relevant economic and industrial authorities to gather their opinions and observations.
This study was conducted in accordance with Article (59) of the Law of the Council of Oman, which states: "The Shura Council may, on its own initiative, express desires to the government regarding public services and facilities, their development and performance improvement, or concerning challenges facing the economic sector and ways to enhance development, whenever the Council deems such action to be in the public interest."
During the meeting, the committee also adopted its opinion on the annual report submitted by the Ministry of Commerce, Industry and Investment Promotion, in accordance with Article (55) of the Law of the Council of Oman, which states: "Service ministers shall provide the Shura Council with an annual report on the progress of projects implemented by their respective ministries. The Council may summon any minister to present a statement on matters within the jurisdiction of their ministry and to discuss it with them."
The committee also reviewed and discussed the draft amendment to certain provisions of the GCC Common Customs Law, which was referred by the government to the Council for consideration.