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Oman, Korea explore investment scope in semiconductors, e-chips

21 Oct 2023 Oman, Korea explore investment scope in semiconductors, e-chips

Muscat – Oman and South Korea are looking to explore potential investments in semiconductor and electronic chip industries in the sultanate.

A high-profile delegation from South Korea’s leading SK Hynix firm, headed by its CEO, Kwak Noh-Jung, visited Oman on Thursday with the primary objective of assessing ‘promising avenues’ in Oman’s semiconductor and electronic chip arena.

The itinerary was packed with extensive consultations involving several Omani ministers and high-ranking officials. These sessions facilitated a thorough examination of viable investment landscapes in Oman, punctuated by elaborations on available perks. The foreign delegates were further apprised of the enticing infrastructure incentives Oman has in store.

The delegation also met with H E Eng Said bin Hamoud bin Said al Ma’awali, Minister of Transport, Communications and Information Technology.

H E Ma’awali emphasised the visit’s strategic importance, as according to him, it highlights the ministry’s proactive approach in wooing global entities specialising in semiconductors, and associated domains like technology and communication.

“The overarching goal is to amplify investments flowing into the sultanate,” the minister added, while taking note of the fact that the global revenue from semiconductor-linked industries touched US$661mn in 2022.

The visiting CEO of SK Hynix is expecting a broader collaboration with Oman, lauding the sultanate’s pronounced emphasis on cutting-edge technologies.

Meanwhile, H E Kim Kiejoo, the South Korean Ambassador to Oman, accentuated the burgeoning economic cooperation between the nations. He further underscored the need to continually magnify bilateral partnership prospects.

The visiting delegation also engaged in dialogues with key Omani officials, including H E Salim bin Nasser al Aufi, Minister of Energy and Minerals.

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