Muscat: Green Tech Mining Services Company and Nuhas Oman Company have entered into a memorandum of understanding (MoU) to explore the localization of copper cathode procurement. This initiative aligns with the Ministry of Commerce, Industry, and Investment Promotion’s strategy to enhance local content and reduce dependency on imports.
According to Oman News Agency, the MoU’s objective is to increase domestic production of copper cathodes, which is expected to positively impact Oman’s trade balance and bolster the sustainability of the industrial sector. Official statistics indicate that Oman’s copper cathode imports amounted to approximately RO 25.7 million by June 2025, down from RO 45.3 million in 2024, underscoring the challenge and the necessity of localizing these purchases to diminish foreign reliance.
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, emphasized that the MoU is integral to the national efforts to fulfill the Industrial Strategy 2040 goals. This strategy prioritizes enhancing local added value and strengthening the industrial sector’s capabilities. He further highlighted the ministry’s commitment to diversifying the economic base, boosting the role of manufacturing industries in increasing the industrial sector’s GDP contribution, and fostering a supportive environment for sustainable industrial investment.
Eng. Khalid Salim Al Qasabi, Director General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, noted that the MoU represents 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, alongside the Deputy Minister of Finance of the Republic of Austria and the Ambassador of the Republic of Austria to the Sultanate of Oman.