Oman rose to the 53rd spot globally and the 4th spot regionally, in the 2024 Competitive Industrial Performance (CIP) Index released by the United Nations Industrial Development Organization, The CIP evaluates and measures the industrial competitiveness of 153 economies worldwide.
Industrial development initiatives fueling progress
Dr. Saleh Said Masan, undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, attributed Oman’s progress in the CIP to the implementation of programs and initiatives aimed at developing the industrial sector. Key factors behind this improvement include Oman’s ability to attract industrial investments based on advanced technologies, the launch of factory automation initiatives, and the consolidation of supply chains.
Oman’s Industrial Strategy 2040 supports growth
Dr. Masan also noted that Oman’s advancement in the CIP was bolstered by increased dedication to the Oman Industrial Strategy 2040. This strategy provides a general framework for industrial growth, focusing on upgrading converting industries through the use of advanced technology, developing innovative products, and expanding exports both regionally and internationally.
Robust performance in converting industries and non-oil exports
Data from the National Centre for Statistics and Information (NCSI) showed that the output of converting industries reached OMR951 million at fixed prices by the end of the first quarter of 2024, representing a 9.2 percent increase compared to the same period in 2023. Converting industries accounted for 10 percent of the sectoral contribution to Oman’s Gross Domestic Product (GDP).
Furthermore, Oman’s non-oil exports, predominantly industrial products, grew by 45 percent by the end of the first quarter of 2024 compared to the corresponding period in 2023, constituting 36 percent of total exports. New local and foreign investments in the converting industries sector have also experienced steady growth, diversification, and optimal distribution.
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