MUSCAT – 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.

His Excellency 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 His Excellency 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.