As the Sultanate of Oman moves towards the completion
of the Ninth Five Year Development Plan, the last stage of
the country’s long-term development plan (Vision 2020), it
contemplates whether the overall objectives were met. For a
long time, Oman has recognized the need to accelerate its
national structural transformation through industrialization and
economic diversification to promote a post-oil economy from
which all citizens may benefit. The private sector, in particular,
the manufacturing industries, have been placed at the center
of this transformation given its potentials as an engine of
economic growth and employment opportunities across a wide
specter of skill-levels (see the UNIDO Industrial Development
Report Series).
Against the backdrop of recent year’s collapsed oil-prices,
Oman - the largest crude oil producer in the Middle East and
the only country in the Gulf Cooperation Council (GCC) that is
not a member of the Organization of the Petroleum Exporting
Countries (OPEC) – has seen its public deficits spiral which
has caused delays in the development spending envisaged
under the Ninth Five Year Development Plan. Facing subdued
GDP growth and pressured by an increased concern for
the lack of jobs, especially for the Omani youth, Oman’s
commitment to reduce its reliance on a single commodity is
higher than ever.