MUSCAT: The Ministry of Commerce, Industry, and Investment Promotion in Oman has taken a significant step by signing a new Memorandum of Understanding aimed at enhancing local content and reducing reliance on imported copper cathodes. This initiative is aligned with national efforts to strengthen the industrial base and improve the country’s trade balance, positioning Oman as a key player in sustainable industrial growth. By focusing on domestic copper cathode production, the ministry seeks to create long-term value within the economy and reduce foreign dependency, a critical element of the country’s Industrial Strategy 2040.
Official statistics underscore the importance of this move. Oman’s imports of copper cathodes stood at RO 25.7 million by June 2025, compared to RO 45.3 million in 2024, demonstrating a sharp decline but also highlighting the scale of the challenge to achieve self-sufficiency. Reducing imports while boosting domestic production will not only improve Oman’s trade performance but also foster job creation, supply chain efficiency, and a stronger manufacturing sector capable of meeting international standards.
His Excellency Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, emphasized that the MoU is an integral part of national efforts to implement the goals of the Industrial Strategy 2040. This strategy focuses on diversifying the economic base, increasing the industrial sector’s contribution to the GDP, and enhancing the role of manufacturing in generating added value. He affirmed that these initiatives will create a supportive environment for sustainable industrial investment while ensuring continuity in Oman’s economic diversification drive.
Eng. Khalid Salim Al Qasabi, Director General of Industry at the ministry, explained that the MoU builds on the achievements recorded in the first half of 2025 and reflects the ministry’s proactive approach in supporting industrial investors. The signing ceremony, attended by senior Omani officials as well as representatives from Austria, including the Deputy Minister of Finance and the Ambassador of Austria to Oman, further highlights the international cooperation being leveraged to achieve Oman’s industrial goals. This collaboration underlines Oman’s commitment to sustainable growth and its drive to enhance competitiveness in the global industrial landscape.
