GOIC discusses the study of the industrial gaps and opportunities matrix in the sultanate in a seminar held by the ministry of commerce and industry in Muscat.
Under the patronage of His Excellency Eng. Ahmed bin Hassan Al-Dheeb, Undersecretary of the Ministry of Commerce and Industry, the Ministry of Commerce and Industry organized a seminar on "the study of Industrial Gaps and Opportunities Matrix in the Sultanate". The Ministry of Commerce and Industry, in cooperation with the Gulf Organization for Industrial Consulting (GOIC) prepared this seminar that was held at the Sheraton Amman Hotel and was attended by a number of ministry officials and industrialists.
The seminar focused on reviewing the industrial strategy 2020-2040, renewable energy and rationalization of energy. In addition to that it shed light on 15 investment opportunities in the industrial sector.
HE Eng. Ahmed Bin Hassan Al-Dheeb explained that this seminar aims at studying the investment opportunities in the industrial sector in the Sultanate and presenting them to the private sector. He pointed out that the Ministry has prepared a study of the gaps and opportunities matrix in cooperation with the Gulf Organization for Industrial Consulting. The study aims at evaluating and analyzing a number of manufacturing industries in order to achieve a range of investment opportunities in the Sultanate, in line with the objectives of the Sultanate 9th development plan (2016- 2020).
Al-Dheeb added that the study focused on a number of important industrial sectors such as chemical products manufacturing, machinery and equipment manufacturing, fabricated metal product manufacturing excluding machines and equipment, as well as basic pharmaceutical products manufacturing and pharmaceutical preparations and plastic and rubber products manufacturing.
Eng. Muammar bin Zahran Al-Ibri, Director of the Department of Planning and Industrial Studies at the Ministry of Commerce and Industry, explained that the seminar on "The Industrial Gaps and Opportunities Matrix in the Sultanate" discussed the preparation of the study and its components in general. The Ministry tasked GOIC in 2017 with the preparation of this study. It should be noted that GOIC was founded by of the General Secretariat of the Gulf Cooperation Council member states to strengthen industrial development in the region.
Al-Ibri added that three work papers have been added to the study carried out by the Ministry of Commerce and Industry in order to update and revise the current industrial strategy, which ends in 2020 and to come out with a new industrial strategy from 2020 to 2040 that goes in line with Oman's strategy (Oman 2040). The Industrial Strategy is currently being prepared in cooperation with the United Nations Industrial Development Organization (UNIDO) and with the participation of various national stakeholders.
In his speech, Al-ibri said that The Ministry of Commerce and Industry is currently working in the frame of the 2018 studies plan and in cooperation with the relevant actors on a study highlighting the impact of the change of the electricity price on the industrial projects. At the same time, another study is being prepared on the building material industry in the Sultanate aiming at searching for the best investment opportunities.
During the seminar, Eng. Sulaiman Al Balushi, expert at the Gulf Organization for Industrial Consulting (GOIC), reviewed the details of the study of the Industrial Gaps and Opportunities Matrix in the Sultanate, which included the following five sub-sectors: plastic and rubber, manufactured metals, chemical products, medical and pharmaceutical products and machinery and equipment. The choice of these sub-sectors was based on key criteria for Oman's competitive advantage, added value to the economy and energy intensity.
A total of 253 product categories were studied in the five sub-sectors to reach a final list of 34 categories of products, based on demand assessment, alignment with the Omani market, the potential of using local resources, and the production of products that add value to the local market.
The list prioritized product opportunities based on the potential of "Omanization" and the potential of lower processes and the ability to convert primary commodity exports to value added products in order to reach the last three investment opportunities: plastic crates, aluminum extrusion, silicium dioxide.
The study recommended the simplification of the process of issuing business licenses in the Sultanate, the development of initiatives and support of industrial exhibitions in Oman, as well as the creation of incentives, facilitation of research and development and delivery of quality certificates.