Oman Ministry of Commerce and Industry evaluates domestic goods production

Published on 12 Oct, 2016

Recent efforts by the Oman Ministry of Commerce and Industry (MoCI) aim to promote the local production of goods, in an attempt to improve the national economy.

A Sept. 19 announcement of a study program by the agency describes its purpose as such: “to reduce import (sic) and boost local production.”

The ministry undertakes this effort in partnership with the Gulf Organization for Industrial Consulting.

In the study, which is titled "Domestic Resources of the Sultanate of Oman," analysts consider how to identify existing natural resources and raw materials in Oman, and how to use these raw materials for domestic production, instead of exporting them. In general, the study will look at investment opportunity in the country. It will also evaluate efforts to create trade balances and raise the standard of living for residents, providing more jobs for Oman’s citizens.

“The MoCI states that the thrust is on the status of the transformative industries for which there is a list of factories, their cumulative investments and workforce and commodity composition,” according to a news release on the MoCI web site. “Besides a general analysis of the economy, the study looks at the contribution of the transformative industries to national income.”

In short, this study sounds much like an ideal project to revive a national economy by keeping more production within its borders, striving for domestic controls in a very globalized world.

Speaking to Gulf News Journal, Kalpana Krishnadas, a senior research analyst of Investment Research and Analtyics at Aranca, explained more about what officials in Oman are doing.

“The Oman Ministry of Commerce and Industry’s detailed study and findings on the country’s industrial sector are expected to aid the government in addressing key issues or challenges faced by the various industries in the country,” Krishnadas said. “Moreover, constant efforts by MoCI and the government to increase domestic production would not only make the country more resilient to global downturn, but also present investment opportunities for other GCC countries.”