Industrial
Partnership Aims to Reduce Copper Imports
Muscat,
10 Sep (ONA) — Green Tech Mining Services Company and Nuhas Oman Company signed
a memorandum of understanding (MoU) to study localizing copper cathode
procurement. This is a new step that comes within the framework of the Ministry
of Commerce, Industry, and Investment Promotion’s efforts to enhance local
content and reduce reliance on imports.
The
MoU aims to increase reliance on domestic copper cathode production and reduce
imports, which will positively impact Oman’s trade balance and strengthen the
sustainability of the industrial sector.
Official
statistics show that Oman’s imports of copper cathodes reached approximately RO
25.7 million by June 2025, compared to RO 45.3 million in 2024. This highlights
the scale of the challenge and the importance of localizing these purchases to
reduce foreign dependency.
Dr.
Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and
Investment Promotion for Commerce and Industry, confirmed that the MoU is part
of national efforts to implement the goals of the Industrial Strategy 2040,
which places special importance on boosting local added value and improving the
capabilities of the industrial sector.
He
stated that the ministry is moving forward with the Industrial Strategy 2040,
which focuses on diversifying the economic base, enhancing the role of
manufacturing industries in increasing the industrial sector’s contribution to
the GDP, and creating a supportive environment for sustainable industrial
investment.
On
his turn, Eng. Khalid Salim Al Qasabi, Director General of Industry at the
Ministry of Commerce, Industry, and Investment Promotion, explained that the MoU
is a continuation of the ministry’s achievements in the first half of 2025.
The
signing ceremony was attended by Dr. Saleh Said Masan, Undersecretary for
Commerce and Industry. It was also attended by the Deputy Minister of Finance
of the Republic of Austria, and Ambassador of the Republic of Austria to the
Sultanate of Oman.
—Ends/AG
