Sunday 17 / November / 2024
Muscat: The Ministry of Commerce, Industry, and Investment Promotion today launched the "Tasnee" local content plan for the industrial sector at the Mandarin Hotel Muscat, under the patronage of Dr Said bin Mohammed Al Saqri, Minister of Economy.
Tasnee aims to strengthen reliance on local products, increase the proportion of Omani components in national industries, support small and medium-sized Omani enterprises, and improve the efficiency of local supply chains. The plan seeks to boost the competitiveness of Oman's industrial sector, encourage investment in manufacturing with local added value, and contribute to the national goals outlined in Oman Vision 2040, focusing on economic diversification and reducing import dependence.
Dr Saleh bin Said Masan, Undersecretary of Commerce and Industry, stated that the plan is designed to foster an environment of innovation, enabling Omani talent to play a key role in developing globally competitive industrial products and services. He noted that the initiative aims to position Oman as an attractive destination for both local and international investment, supporting the development of a robust, sustainable economy for future generations.
In his address, Dr Masan highlighted the government's commitment to enhancing local content, with national production inputs in the industrial sector set to reach 70 percent. He pointed out that recent years have seen substantial growth in Oman's manufacturing sector, which contributed 12.3 percent to the GDP at current prices in the first half of 2024, with a 10.1 percent rise at constant prices over the same period.
Dr Masan added that the industrial sector is drawing increased foreign direct investment, with a 45.1 percent rise in the second quarter of 2024. Non-oil commodity exports from the sector amounted to OMR 4.38 billion by the end of August 2024, underscoring the sector's critical role in strengthening the national economy and advancing economic diversification.
Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, further explained that the plan to boost local content is part of a strategy aimed at replacing foreign imports with locally-produced goods. He emphasised the essential role of the private sector, noting that the Chamber will launch a campaign to raise awareness of the opportunities available to private enterprises.
The Tasnee plan consists of three main programmes: the Local Content Enhancement Programme in the Industrial Sector, which includes 11 initiatives aimed at utilising Omani resources; the Manufacturers and Suppliers Empowerment Programme, featuring nine initiatives; and the Omani Product Empowerment Programme, with 11 initiatives to enhance the profile of national products in local markets.
During the event, the "Made in Oman" campaign was launched to promote Omani products and encourage consumers to support local industries. Additionally, the ministry introduced the "Taamir" programme, in collaboration with the Ministry of Housing and Urban Planning, securing agreements with leading real estate developers to prioritise Omani construction materials across all project phases.
The "Itqan" programme was also launched to develop the skills of Omani youth, aligning with the 2040 Industrial Strategy's objective to cultivate Omani talent in the industrial sector, fostering their contribution to economic development.
Oman Cables Industry Company announced its own initiative to support local value addition, signing an agreement with the Ministry of Commerce, Industry, and Investment Promotion to explore clean energy solutions through solar power, ensure the quality of locally-sold cables, and enhance knowledge transfer.
The ceremony included a workshop on expanding local content in the industrial sector, attended by officials and industry experts. Mustafa bin Sulaiman Al-Shuaili, an economic researcher at the National Programme for Economic Diversification, presented an overview of the integrated economic cluster for aluminium industries in Sohar—a strategic initiative aimed at realising Oman Vision 2040’s economic diversification objectives.
The event was attended by Qais bin Mohammed Al-Yousef, Minister of Commerce, Industry, and Investment Promotion, and Dr Khalfan bin Saeed Al-Shuaili, Minister of Housing and Urban Planning, along with other dignitaries and officials from both the public and private sectors.
