In a strategic endeavor to propel Oman’s technological prowess, the Oman Investment Authority (OIA) has inked a Memorandum of Cooperation (MoC) with Japan. This collaboration, conducted during the visit of Japan’s State Minister for Economy, Trade, and Industry, Iwata Kazuchika, underscores OIA’s commitment to advancing Oman’s semiconductor industry and cultivating international partnerships.
Mulham Al Jarf, OIA’s Deputy Chairman for Investments, stressed Japan’s reputable standing in the tech sector, making it an ideal collaborator for OIA’s ambitious ventures. The MoC serves as a testament to OIA’s dedication to fostering strategic international partnerships, facilitating the transfer of cutting-edge technologies to local Omani sectors. Al Jarf highlighted the broad impact on the national economy, competitiveness, job creation, and business establishment across various industries.
This marks OIA’s second foray into the semiconductor sector, building on the success of its subsidiary ITHCA in GSME Oman, a collaborative effort with US-based company GSME. Rigorous testing over six months resulted in the creation of two Omani semiconductor chips, Oman 1 and Oman 2, showcasing Oman’s technological achievements.
The MoC aligns seamlessly with Oman’s strategic focus on nurturing a vibrant semiconductor manufacturing ecosystem. The objective is not only to attract international players to Oman’s industrial scene but also to foster the development of local talent. This concerted effort spans diverse industries, including electronics, telecommunications, renewable energy, medicine, SMART tech, automotive manufacturing, data storage, and electronic and wireless products.
In parallel, Oman is exploring potential investments and collaborations with South Korea in the semiconductor and electronic chip industries. A high-profile delegation from South Korea’s SK Hynix visited Oman in October 2023 to assess promising opportunities in Oman’s semiconductor and electronic chip arena.
OIA’s overarching role in managing, investing, and developing national and international assets positions it as a key player in Oman’s economic growth. With a diverse investment portfolio spanning over 40 countries and various sectors, OIA remains committed to supporting Oman’s vision of becoming a leading investment destination in the region.
