Arab News Japan

DUBAI: Japan’s State Minister of Economy, Trade and Industry IWATA Kazuchika discussed ways to expand bilateral trade cooperation and investment partnerships with Omani Minister of Trade, Industry and Investment Promotion Qais bin Mohammed Al-Yousef.

The two officials agreed on Wednesday to increase trade exchange to achieve the common interests of the two nations.

Iwata also signed a joint agreement with Saleh bin Saeed Musan, Undersecretary of the Ministry of Trade, Industry and Investment Promotion, which included collaboration on matters relating to the public and private sectors, including the exchange of trade missions in areas of interest to Omani and Japanese companies.

The deal also will discuss the development of human resources that contribute to further economic growth between the two countries, such as enhancing the business environment, exchanging experiences in organizing commercial work, overcoming difficulties and increasing trade exchange between Oman and Japan.

The volume of trade exchange between the two countries in 2023 amounted to about 500 billion yen (or $3.4 billion USD).

The Oman Investment Authority also signed in Muscat a memorandum of cooperation with the Japanese Ministry of Economy, Trade and Industry, with the aim of exploring opportunities in the semiconductor sector and encouraging investment in this technology.

The memorandum was signed by Mulham bin Bashir Al Jarf, Vice Chairman of the Oman Investment Authority, and Iwata.

This agreement is an embodiment of the agency’s endeavor to establish strategic partnerships with various countries of the world to localize modern technologies in the targeted local sectors.

By signing this memorandum with the Japanese side, the agency seeks to establish its second national investment in the semiconductor sector.

The memorandum is in line with Oman’s goal of attracting international companies to invest in the semiconductor industry, in addition to preparing and qualifying national competencies in technology.