01-07-2025
Oman: Majlis A'Shura reviews law to boost GCC industrial integration
Muscat – The Economic and Financial Committee of Majlis A'Shura held a meeting on Monday where it reviewed the draft Unified Industrial Regulation Law for GCC member states in the presence of officials from Ministry of Commerce, Industry and Investment Promotion.
Chaired by Ahmed bin Saeed al Sharqi, the meeting discussed the government-referred draft law which aims to unify industrial legislation across the Gulf bloc. Ministry officials said the proposed law is intended to stimulate industrial growth, enhance sectoral contribution to national income, attract investment and foster regional integration.
The regulation also aims to support harmonisation of industrial policies among GCC countries, encourage innovation and promote localisation of advanced technologies to strengthen competitiveness in the sector.
Committee members emphasised the need to ensure the legislation reflects Oman's local industrial context and aligns with existing national laws and regulations.
The committee also reviewed and approved two final reports during the meeting. The first addressed the state of local industries in the sultanate, assessing challenges and opportunities in the sector and its alignment with the National Industrial Strategy and Oman Vision 2040. The report recommended better policy coordination and introduction of incentive packages to support industrial growth.
The second report evaluated the competitiveness and appeal of Oman's business environment, identifying key structural obstacles and offering strategic proposals to improve the sultanate's investment climate in line with diversification goals.
Both reports were developed following consultations with experts and stakeholders from relevant sectors, in accordance with Article 59 of the Law of Council of Oman, which allows the shura to make recommendations on matters of public interest.
The committee also adopted its suggestions on Ministry of Commerce, Industry and Investment Promotion's 2023 annual report, in line with Article 55 of Law of Council of Oman, which mandates annual reporting by service ministers and allows parliamentary review and questioning.
Additionally, the committee reviewed a draft amendment to the GCC Common Customs Law, continuing its efforts to support legislative coordination in the region.
