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Salalah Free Zone Signs Deal With Chinese Firm | |
| Sumita Pawar |
Salalah Free Zone, a subsidiary of Asyad Group in Oman, has signed an agreement with Besto Hengda Oman, a Chinese silicon industry company, to establish a project for processing ferrous alloys and high-quality recycled wrapping paper.
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The project will be built on an area of 300,000 square metres, with an investment worth USD 230 million. In its first phase, the production capacity is scheduled to reach about 90,000 tonnes of ferrosilicon alloys annually, which will be doubled in the second phase to 180,000 tonnes per year. The production capacity of recycled wrapping paper in the first phase is about 300,000 tonnes annually.
Salalah Free Zone provides competitive incentives that make it easier for investors and industrialists to establish projects and start operating, producing, and exporting rapidly and efficiently. The agreement with Besto Hengda Oman is expected to boost the industrial sector in Oman and provide job opportunities for the local population. The project will also contribute to the country's economy by increasing the export of ferrous alloys and recycled wrapping paper.
The establishment of the project is a testament to the growing economic ties between Oman and China. The two countries have been working together to enhance their trade relations and increase investment opportunities. The project is expected to strengthen bilateral relations between Oman and China and pave the way for more joint ventures in the future.
Vision
The project is also aligned with Oman's Vision 2040, which aims to diversify the economy and reduce dependence on oil exports. The establishment of the project will contribute to the development of the non-oil sector and provide a boost to the country's economy. The project is expected to create job opportunities for the local population and enhance the skills of the workforce.
In conclusion, the agreement between Salalah Free Zone and Besto Hengda Oman is a significant step towards enhancing the industrial sector in Oman and strengthening the country's economy. The project will provide job opportunities for the local population, increase the export of ferrous alloys and recycled wrapping paper, and contribute to the development of the non-oil sector. The project is also expected to strengthen bilateral relations between Oman and China and pave the way for more joint ventures in the future.