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OIA plans second investment in semiconductor industry

6 Mar 2024 By OUR CORRESPONDENT

Muscat – Oman Investment Authority (OIA), the investment arm of the sultanate, continues its efforts to enhance investments in advanced and modern technologies and transfer them to Oman. In realisation of these efforts, OIA on Wednesday signed a new Memorandum of Cooperation (MoC) with its Japanese counterpart.

The signing ceremony was held on the sidelines of the visit of the Japanese State Minister for Economy, Trade, and Industry, Iwata Kazuchika.

The new MoC with Japan entails exploring investment opportunities in the semiconductor industry and technologies, OIA said in a press statement.

Mulham al Jarf, OIA’s Deputy President for Investments, commented on the signing of MoC saying that OIA looks at Japan as the ideal partner in the semiconductor industry, as Japan is well-reputed in the tech industries.

He said, “OIA always strives for strategic partnerships internationally in order to transfer modern technologies to local Omani sectors. This, in turn, reflects on the national economy and enhances its competitiveness, as well as creates job opportunities and establishes businesses in these industries.”

With this MoC signing with the Japanese side, OIA aims to establish its next national investment in the semiconductor industry.

OIA’s first national investment in the semiconductor industry was through its subsidiary ITHCA Group in GSME Oman, which has been established by the US company GSME, which specialises in semiconductors. Six months’ worth of testings have proved a success, resulting in two Omani semiconductor chips, Oman 1 and Oman 2, OIA said.

The MoC with Japan also aligns with the national focus on manufacturing semiconductors by attracting international players to the local industrial scene in Oman. This also includes developing and enabling national talents in this field, which covers many industries, including electronics, telecommunications, renewable energy, medicine, smart tech, car manufacturing, data storage, and electronic and wireless products.

Oman is also looking to explore potential investments and cooperation with South Korea in semiconductor and electronic chip industries in the sultanate. A high-profile delegation from South Korea’s leading SK Hynix firm visited Oman in October 2023 with the primary objective of assessing ‘promising avenues’ in Oman’s semiconductor and electronic chip arena.

Oman Investment Authority is entrusted with managing, investing, and developing the nation’s national and international assets. With a diverse investment portfolio locally and globally, OIA invests in over 40 countries, targeting various sectors, including food, energy, logistics, ICT, services, finance and investment, food security, tourism, mining, industry, and aviation.

OIA is committed to driving sustainable economic growth and contributing to the well-being of Oman’s people while also supporting the sultanate’s vision of becoming a leading investment destination in the region.

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