Oman advances in Competitive Industrial Performance Index

The Sultanate of Oman has moved up five places in the Competitive Industrial Performance (CIP) Index 2024, issued by the United Nations Industrial Development Organisation.

Oman rose to 53rd place globally and now stands in 4th place regionally.

The CIP measures the industrial competitiveness of 153 global economies.

Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, said the progress is a direct outcome of the implementation of programmes and initiatives to develop the industrial sector.

Key features of this progress include the ability to attract industrial investment based on advanced technologies, the launch of factory automation programmes and the consolidation of supply chains.

He added that Oman’s progress in the CIP also benefited from increased dedication to Oman's Industrial Strategy 2040, which sets the general guideline for industrial growth. The strategy focuses on upgrading converting industries (by using advanced technology), developing innovative products, and expanding exports, regionally and internationally, he explained.

Data issued by the National Centre for Statistics and Information (NCSI) showed that the output of converting industries by the end of the first quarter 2024 stood at RO 951 million at fixed prices, up by 9.2 percent as against the performance achieved during the corresponding period in 2023.

Non-oil exports (most of which are industrial products) also grew by 45 percent by the end of the first quarter of 2024, compared to the corresponding period in 2023. They constituted 36 percent of total exports.