06-05-2025
Shura panel debates state of industrial sector
MUSCAT: The Economic and Financial Committee of Majlis Ash'shura held its tenth regular meeting of the second annual session (2024-2025), under the chairmanship of Mohammed bin Khamis al Hussaini, Vice-Chairman of the Committee, on Tuesday.
During the meeting, the committee hosted members of the Oman Industrialists Association (OIA). The meeting discussed the expressed desire to evaluate the status of local industries in the Sultanate of Oman. The aim was to analyse the reality of the Omani industry in terms of challenges and opportunities and its readiness to achieve the goals of the Industrial Strategy and Oman Vision 2040.
At the beginning of the meeting, the OIA's members gave a visual presentation that covered several topics including the local added value of the industrial sector and the protection of national industrial products. It also addressed support programmes provided to the sector, the legislation and regulations governing the sector, the challenges facing infrastructure, financing as well as the training and employment of nationals cadres in the industrial sector.
The presentation also addressed the most prominent industrial indicators and growth rates of the industrial sector in the Sultanate of Oman over the past years, noting that the sector still relies on imported raw materials and machinery.
The members of the Economic and Financial Committee held extensive discussions with the OIA's members, focusing on the importance of conducting a comprehensive and periodic assessment of the industrial sector's status from the perspective of current challenges and future opportunities to enhance its contribution to the gross domestic product. The members reviewed proposals and solutions to address these challenges and enhance the role of industry in economic diversification.
The meeting discussed several recommendations that would enhance the growth of the industrial sector in the Sultanate of Oman including aligning policies with the industrial strategy, strengthening the role of small and medium enterprises and improving the work environment and integration between the public and private sectors.
The committee members emphasised the importance of concerted efforts to empower the sector and increase its contribution to achieving economic diversification and to identify and address the challenges facing the sector.
Separately, the Committee discussed the Ministry of Labour's statement requiring the appointment of at least one Omani citizen within one month in establishments and companies that have completed one year of their commercial registration. — ONA
