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 is part of the Ministry of Commerce, Industry, and Investment Promotion's ongoing efforts to enhance local content and decrease dependency on imports.
The MoU is designed to boost domestic copper cathode production and minimize imports, which will have a favorable effect on Oman's trade balance and reinforce the sustainability of the industrial sector.
According to official statistics, Oman's imports of copper cathodes amounted to around OMR25.7 million by June 2025, a decrease from OMR45.3 million in 2024. This underscores the magnitude of the challenge and the necessity of localizing these purchases to lessen foreign dependency.
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, affirmed that the MoU is part of national initiatives to achieve the objectives of the Industrial Strategy 2040, which emphasizes enhancing local added value and advancing the capabilities of the industrial sector.
He noted that the ministry is progressing with the Industrial Strategy 2040, which aims to diversify the economic base, strengthen the role of manufacturing industries in boosting the industrial sector's contribution to GDP, and foster a conducive environment for sustainable industrial investment.
Eng. Khalid Salim Al Qasabi, Director General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, elaborated that the MoU represents a continuation of the ministry's accomplishments in the first half of 2025.
The signing ceremony was graced by the presence of Dr. Saleh Said Masan, Undersecretary for Commerce and Industry, along with the Deputy Minister of Finance of the Republic of Austria and the Ambassador of the Republic of Austria to the Sultanate of Oman.
