Muscat: On Wednesday, Qais Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, engaged in discussions with representatives from EONH Private Holdings, a Taiwanese technology firm specializing in semiconductors, and Jetour Global from China, a prominent electric vehicle (EV) manufacturer. The focus of the meeting was to explore opportunities for localizing future industries and strengthening the Sultanate of Oman's status as a leading industrial center, aligning with the objectives of the Oman Industrial Strategy 2040.
During the discussions, Al Yousef emphasized the ministry's dedication to attracting high-quality investments in promising sectors and providing incentives to support relevant initiatives. He highlighted the importance of collaboration between government and private entities to ensure the success of these investments and to bolster Oman’s standing both regionally and internationally.
Steve Chao, Chairman of the Board of Directors of EONH Private Holdings, expressed that the company has selected Oman as its primary investment destination in the region. EONH Private Holdings aims to establish a semiconductor chip manufacturing facility, which is essential for the technologies driving the Fourth Industrial Revolution (4IR) and artificial intelligence (AI).
Chao further noted that this initiative is designed to facilitate the transfer of knowledge and expertise while training local talent through the establishment of a specialized center dedicated to promoting the converting industries sector. This initiative, he stated, will significantly enhance Oman's competitiveness as an industrial hub.
A representative from Jetour Global presented the company's intentions to invest in the electric vehicle sector in the Sultanate of Oman, revealing that preliminary studies suggest an anticipated investment of approximately RO 6.9 billion (equivalent to 18 billion US dollars), which could create around 10,000 job opportunities. The implementation of this project is expected to commence within two years following the official announcement.
In parallel, Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, remarked that these projects align with the objectives of the Industrial Strategy 2040. He emphasized that the strategy prioritizes capital-intensive and knowledge-based industries, including semiconductors, electric vehicles, and batteries.
Masan highlighted the importance of offering quality incentives to attract such investments. He advocated for the establishment of a technical team tasked with developing an executive plan aimed at localizing industrial projects to achieve the intended goals.
Through the promotion of initiatives that create investment opportunities, the Ministry of Commerce, Industry and Investment Promotion seeks to strengthen economic diversification, empower the private sector to enhance in-country value (ICV), and broaden the range of industrial facilities throughout the governorates of the Sultanate of Oman. This approach is expected to significantly increase the industrial sector's contribution to the Gross Domestic Product (GDP).
