Oman attracts major investments in semiconductors, electric vehicles
MUSCAT: The Sultanate of Oman is set to become a key player in the semiconductor and electric vehicle (EV) industries, following high-level discussions between the Ministry of Commerce, Industry and Investment Promotion and two global companies—Taiwan's EONH Private Holdings and China's Jetour.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met with representatives from both companies to explore investment opportunities aimed at positioning Oman as an advanced industrial hub. These discussions align with the country's Industrial Strategy 2040, which focuses on attracting high-value industries that drive economic diversification and technological advancement.
During the meeting, Al Yousef reaffirmed the ministry's commitment to providing incentives and streamlining regulations to support these strategic investments. He emphasized that collaboration between government agencies and private sector stakeholders is essential to ensuring the success of such projects.
SEMICONDUCTOR MANUFACTURING IN OMAN
Taiwan's EONH Private Holdings, a leader in semiconductor technology, announced its decision to establish a semiconductor chip manufacturing plant in Oman—its first investment of this scale in the region. Ali Steve Chao, Chairman of EONH, stated that the project aims to transfer technical expertise and develop local talent through a dedicated training and research center. The facility will support Oman's ambitions in Fourth Industrial Revolution technologies, including artificial intelligence (AI) and advanced computing.
$18 BILLION EV INVESTMENT
China's Jetour, a key player in the electric vehicle sector, presented its investment plan for Oman, focusing on EV production and battery technology. The company's innovative approach includes advanced battery charging and replacement systems, currently deployed in China. Preliminary assessments indicate an investment of RO 6.9 billion ($18 billion), with the potential to generate 10,000 job opportunities. The project is expected to commence within two years following its official announcement.
STRATEGIC ECONOMIC IMPACT
Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, highlighted the strategic alignment of these projects with Oman's Industrial Strategy 2040, which prioritizes capital-intensive and knowledge-based industries. He also directed the formation of a technical team to develop an implementation roadmap for localizing these projects and ensuring they deliver maximum economic benefits.
The Ministry of Commerce, Industry, and Investment Promotion continues to spearhead efforts to diversify Oman's economy, enhance local manufacturing capabilities, and attract cutting-edge industries. These investments are expected to increase the industrial sector's contribution to Oman's GDP, boost private sector participation, and strengthen the country's position as a global industrial hub. — ONA
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