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Industrial development is one of the most important and strategic plans of Sultanate of Oman. Oman is among the few countries in the world that are considered ideal for long-term investments. In addition to industrialization efforts, Oman is actively marketing itself as an modern infrastructure; a strong industrial base; a liberal investment environment; an export-oriented economy; a stable government with transparent corporate governance; the presence of institutions that protect investors and ensure their access to the market; attractive corporate tax and tax holidays; and laws and regulations that encourage enterprise.
Oman has already sought to find alternatives for oil and gas revenues by investing heavily in industrial, agricultural, fisheries, tourism and other sectors. Indeed, the non-oil component of the economy recorded a solid growth rate in the first half of 7.3% against a modest contraction of the hydrocarbons sector of 0.4%, according to data issued by the Central Bank of Oman in mid-December. Oman’s industrial sector, particularly the petrochemicals segment, is poised for large expansion with ongoing investment in downstream infrastructure and new facilities in the pipeline for the Sohar and Salalah industrial regions expected to contribute significantly to output before 2020.
As the Sultanate continues its rapid industrialization, it has established itself as a land of opportunities, with significant potential for firms of all sizes and across a variety of sectors. Business confidence has withstood the fall in oil and there has been little slowdown in the pace of growth. SMEs can capitalize on this potential by focusing on business opportunities that fit their skills and resources.
Rapid population growth and a host of planned investment in megaprojects across the tourism, transportation and infrastructure sectors have led to pressing new demand for the latest technical know-how from across the globe. This scenario has paved a huge opportunity for the global leaders in several industrial products segment to tap the huge potential in the Sultanate.
INTEX OMAN is a unique industrial trade fair in the Sultanate, converging five of the vibrant industrial sectors under one roof for the first time. The trade event has been designed in such a way that each sector compliments the other sector and gives a successful platform for all its stake holders to reap optimum benefits.