Thursday, May 23, 2024
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Muscat – In its latest report, the United Nations Industrial Development Organization (UNIDO) has placed Oman 56th globally and 5th among Arab nations for industrial competitiveness in 2023. In the last seven years, the sultanate has made significant progress from 72nd in 2016.

The Competitive Industrial Performance (CIP) Index, which evaluates the industrial competitiveness of more than 153 countries worldwide, credited Oman’s remarkable progress to its diversification of industrial activities and an increase in the volume of its industrial exports.

This significant 16-place rise in global rankings over a relatively short span of seven years is testament to the growth of industrial competitiveness in Oman, stated the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).

This momentum is anticipated to continue, bolstered by the industrial strategy implemented by MoCIIP. The strategy aims to stimulate the industrial sector and increase its contribution to the gross domestic product, strengthening Oman’s global standing as a manufacturing hub.

H E Dr Saleh bin Said Masan, Undersecretary for Commerce and Industry at MoCIIP, highlighted the fact that Oman’s improved ranking in the index signifies the sultanate’s commitment to bolstering the competitiveness of its industrial sector. “This is achieved through execution of the Industrial Strategy 2040, the guiding force for industrial development in Oman.”

H E Masan noted that the ministry is formulating initiatives to enhance the efficiency of the industrial sector, promote the use of Fourth Industrial Revolution technologies in production, and empower local industries in international markets. “These measures will also support the growth of managerial and financial competencies of industrial entrepreneurs.”

According to the 2023 index, Germany continues to hold the top position as the country with the world’s most competitive manufacturing sector. Germany has maintained this position since 2001. However, China, currently ranked second, has shown impressive growth and dynamism since 1990, gradually closing the gap between the two countries.

The other top five countries in the 2023 index are Ireland, South Korea and the United States of America. The UAE is ranked first in the Arab region and 29th globally.

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