Monday, 20 Mar 2023
Oman launches phase 2 of Industrial Strategy 2040

Oman launches phase 2 of Industrial Strategy 2040

The second phase aims at identifying the policies and tools needed for the effective implementation of the technique.

“After the success of phase one in outlining the status of the industrial sector and the government priorities in the next stage regarding high technologies, capital-intensive and resource-based industries, and identifying challenges and obstacles ahead, phase two will focus on drafting a timetable and mechanisms for achieving these priorities,” mentioned Eng Sami Salim al Sahib, director common of market, MoCI.

He explained how phase two will commence with evaluating the specifications of investment in manufacturing sector.

“Following evaluation, there will be an identification of the required policies and tools for implementing Industrial Strategy 2040 and how business environment can be further enhanced. Aspects of funding and tax exemption will also be deliberated on. Furthermore, there will be programmes for developing labour skills to upgrade readiness to capitalise on the Fourth Industrial Revolution.”

It also consists of enhancing cooperation among government entities and offices by means of outlining roles and responsibilities and drafting laws and regulations that assistance solutions connected to manufacturing.

This phase will also categorise the procedures and mechanism needed for the implementation of the technique into groups. The very first group will be implemented in 12-24 months.

There are a lot more procedures to be implemented in 5, ten and twenty- year periods according to the manufacturing sector’s overall performance indicators.

Eng Sahib also stressed on extended consultations and meetings with the competent authorities as quickly as the initial draft of proposed policies is carried out. This will aid accomplish the aims of the Industrial Strategy 2040 by means of a transparent procedure.

Information Source: Muscat Daily

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