Economic Committee reviews the Status of Local Industries
22 ابريل 2025
The Economic and Financial Committee of the Shura Council held its eighth meeting of the second annual session (2024–2025), chaired by H.E. Ahmed Saeed Al Sharqi, and in the presence of their Excellencies members of the committee. The session hosted a number of experts from the Industry Committee of the Oman Chamber of Commerce and Industry (OCCI) to discuss the proposal concerning the assessment of the local industrial sector in the Sultanate of Oman. The meeting aimed to identify key challenges and explore development opportunities in alignment with Oman Vision 2040.
The meeting, the Chairman emphasized the Shura Council's commitment—through its Economic and Financial Committee—to supporting national industries and creating an enabling environment for industrial growth. This, he noted, would be achieved through well-researched legislation and inclusive initiatives developed in collaboration with relevant stakeholders.
The stakeholders gave a comprehensive presentation analyzing the current state of local industries, with a focus on modern industrial sectors such as hydrocarbons, mining, and manufacturing. The presentation also reviewed the structure of industrial activities and their contribution to Oman’s Gross Domestic Product (GDP).
The industrial indicators and the growth rates of the sector in recent years were highlighted, alongside ongoing development plans in industrial zones. These initiatives reflect significant government efforts and public-private partnerships aimed at enhancing competitiveness, achieving self-sufficiency, generating employment for local talent, and increasing investment in factories and enterprises within industrial cities.
The discussions addressed major challenges facing Oman’s industrial sector, particularly amid evolving regional and international dynamics. These included legislative and regulatory hurdles, operational issues related to skilled human resources, financial challenges such as project funding and high production costs, as well as market access and the promotion of Omani products locally and internationally. The committee also explored available government incentives and facilitation mechanisms supporting domestic industries.
Members of the Economic and Financial Committee engaged in in-depth discussions with OCCI's Industry Committee, stressing the need for a regular and comprehensive evaluation of the industrial sector. Such evaluations are essential to understanding current challenges and future opportunities, ultimately enhancing the sector’s contribution to GDP and supporting economic diversification. The meeting also included the exchange of ideas and proposed solutions aimed at addressing sectoral obstacles and boosting industrial performance.
The discussions covered the impact of the Fourth Industrial Revolution and emerging technologies on the competitiveness of Omani industries. The committee highlighted the importance of technological modernization and digital transformation as key enablers of industrial sustainability and competitiveness. It also emphasized the role of innovation, proposing the establishment of dedicated innovation incubators to enhance product quality standards and performance indicators for local goods.
The committee reviewed a draft law amending certain provisions of the Unified Customs Law for GCC States, as referred by the government. In addition, the committee approved its report on the proposal concerning public offerings of companies under the Oman Investment Authority, as well as the Authority’s future divestment plans.