Oman Makes Strides in Global Industrial Ranking

The Sultanate of Oman has shown significant progress in its industrial sector, climbing five spots in the 2024 Competitive Industrial Performance (CIP) Index. Compiled by the United Nations Industrial Development Organization (UNIDO), the CIP Index evaluates and ranks the industrial competitiveness of 153 economies worldwide. Oman's impressive rise puts it at 53rd place globally and solidifies its position as the 4th most competitive industrial nation in the Middle East region.

This positive development is attributed to a series of strategic initiatives undertaken by the Omani government. Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, highlighted the implementation of programs designed to foster industrial growth. These programs focus on attracting investments in advanced technologies, automating factories, and strengthening supply chains. These efforts directly align with Oman's Industrial Strategy 2040, a comprehensive roadmap for boosting the nation's manufacturing sector through innovation, technological advancements, and increased exports.

The strategy's effectiveness is reflected in recent economic data. The National Centre for Statistics and Information (NCSI) reports a significant 9. 2% growth in the output of Oman's manufacturing industries during the first quarter of 2024 compared to the same period last year. This growth translates to a 10% contribution to the country's Gross Domestic Product (GDP).

Another key indicator of Oman's industrial progress lies in the substantial rise of non-oil exports. Primarily consisting of industrial products, these exports surged by 45% in the first quarter of 2024 compared to the previous year. This remarkable growth signifies a diversification away from the nation's historical dependence on oil exports and positions Oman as a major exporter of industrial goods, now accounting for a significant 36% of its total exports.

The rise in foreign and domestic investments within the manufacturing sector further bolsters Oman's industrial development. This increased investment signifies growing confidence in the sector's potential and paves the way for continued expansion and modernization.

Oman's advancement in the CIP Index signifies a noteworthy achievement for the nation. It serves as a testament to the success of government initiatives and underscores the country's commitment to transforming its industrial landscape. By focusing on advanced technologies, innovation, and export diversification, Oman is well-positioned to solidify its place as a leading industrial player in the region and beyond.

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