Oman's Ministry of Commerce, Industry and Investment Promotion (MCIIP) has signed a memorandum of cooperation (MoC) with Petroleum Development Oman (PDO), as part of the ministry’s endeavour to enhance cooperation between the public and private sectors.

 

The MoC was signed at the ministry's headquarters by Dr Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and Abdul-Amir bin Hussein al-Ajmi, PDO External Affairs and Value Creation Director, said an Oman News Agency report.

 

The MoC aims to strengthen the partnership between the public and private sectors in order to support the industrial sector in the sultanate by supporting the current industrial establishments and identifying future industrial investment opportunities to increase the competitiveness of the industrial sector and generate in-country-value (ICV) for the local economy. 

 

It also aims at supporting exports, creating job opportunities and enhancing integration between all sectors to support small and medium enterprises (SMEs) and augment service trade.

 

The MoC included four industrial areas: supporting the industrial strategy 2040; supporting  sectors targeted in the ICV project such as health, services, mining, transportation, logistics, technology, communications, tourism and waste management; encouraging strategic investment in these sectors through the 100 investment initiatives, in addition to the oil, gas and technology sectors; and targeting development of an analytical industrial information platform to keep pace with the 4th Industrial Revolution (4IR) and technological developments.