Muscat – The sultanate has advanced five places in the 2024 Competitive Industrial Performance Index compiled by the United Nations Industrial Development Organization. It is now ranked 53rd globally and fourth regionally.

The index evaluates the industrial competitiveness of 153 economies worldwide.

H E Dr Saleh bin Said Masan, Undersecretary in Ministry of Commerce, Industry and Investment Promotion, attributed this progress to several key initiatives. “Our continuing advancement in the Competitive Industrial Performance Index is a result of implementing various programmes to develop the industrial sector, attract investments with advanced technologies, and automate factories to strengthen supply chains,” he said.

According to H E Masan, these efforts align with Industrial Strategy 2040, which aims to boost manufacturing through advanced technology, innovation and increased exports. “The strategy serves as a guide for industrial development, focusing on upgrading manufacturing industries, developing innovative products, and expanding our exports regionally and internationally,” he added.

Data published by National Centre for Statistics and Information shows output of manufacturing industries totalled RO951mn at the end of the first quarter of 2024, marking a 9.2% growth compared to the same period last year. This output represented 10% of the gross domestic product.

Additionally, non-oil exports – predominantly industrial products – increased 45% in the first quarter of 2024 compared to the previous year, accounting for 36% of total exports. Both local and foreign investments in the manufacturing sector diversified and grew significantly in this period.

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