Muscat – Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, met with representatives from Taiwanese tech company EONH Private Holdings, specializing in semiconductors, and China’s Jetour Global, a leader in electric vehicles (EV), to discuss opportunities for localizing industries in line with Oman’s Vision 2040 strategy. The goal is to enhance the Sultanate’s position as an advanced industrial hub.
Al Yousef emphasized the ministry’s commitment to attracting high-quality investments and providing incentives to support related projects. He highlighted the importance of public-private cooperation to ensure the success of these initiatives and strengthen Oman’s regional and global standing.
Steve Chao, Chairman of EONH Private Holdings, explained that the company had selected Oman as its first regional investment destination. EONH plans to establish a semiconductor factory, a key component in the technologies driving the Fourth Industrial Revolution (4IR) and artificial intelligence (AI). This initiative will also focus on knowledge transfer, expertise development, and the creation of a specialized center to promote the growth of converting industries in Oman, further enhancing the nation’s industrial competitiveness.
Meanwhile, Jetour Global’s representative outlined plans to invest in Oman’s growing EV sector, with initial studies indicating a substantial investment of RO 6.9 billion (18 billion US dollars) and the creation of 10,000 job opportunities. The project is expected to be completed within two years.
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, confirmed that these projects align with the priorities of Oman’s Industrial Strategy 2040, which focuses on capital-intensive and knowledge-based industries, such as semiconductors, EVs, and batteries. He stressed the need to offer quality incentives to support such investments and called for the formation of a technical team to develop an executive plan to localize industrial projects and achieve the desired goals.
Through these initiatives, the Ministry of Commerce, Industry, and Investment Promotion aims to further diversify the economy, boost the private sector’s contribution to in-country value (ICV), and expand industrial facilities across Oman’s governorates, which will ultimately enhance the industrial sector’s contribution to the country’s GDP.
