Ministry of Commerce and Industry is targeting investment in the industrial sector, especially from neighbouring countries. The government is working on a new industrial strategy for which an MoU will be signed within two weeks with the United Nation Industrial Development Organization. According to Naila al Hamdi, Director-General of Industry on Investment: “Ministry of Commerce and Industry wants to expand the industrial base, create appropriate investment climate and introduce possible and available opportunities in all governorates by creating vital projects to meet the needs of the local market and achieve economic diversification.”
Several studies have been prepared by the Gulf Organization for Industrial Consulting (GOIC) on projects worth around RO 160 million as the government plans to take advantage of all available resources to find good opportunities for local and international investment. Atif Elgozali, engineering expert at the industrial investment department, GOIC, these are only preliminary or basic studies and the detailed ones will be conducted based on the interest expressed by the investors.
Among the project identified to be are industries producing Polyoxymethylene (POM), acetic acid, cold rolled products and ceramic tiles. The criteria set by the government are the project must be new and has not been implemented yet in Oman, products should meet local, regional or international demand; there should be an opportunity to export the product and the proposed project should facilitate the industrial integration with the existing industries in Oman. The products and the process should be environmentally friendly and provide job opportunities for Omani nationals.