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Japan and Oman may develop new industrial city in Sezad

The Japanese Government reportedly welcomed proposals by Sezad to open a Japanese industrial city in Duqm's special economic zone

China and the Special Economic Zone Authority at Duqm have already signed an agreement for the China-Oman Industrial City in Duqm [representational image].
China and the Special Economic Zone Authority at Duqm have already signed an agreement for the China-Oman Industrial City in Duqm [representational image].

Representatives from the Japanese government and Oman’s Special Economic Zone Authority of A'Duqm (Sezad) are exploring the possibility of opening a new Japanese industrial city in the port town's economic zone.

In a meeting in Tokyo, Yahya bin Said bin Abdullah al-Jabri, chairman of Sezad’s board of directors, urged Kentaro Sonoura, special advisor to the Japanese prime minister, to invest in Sezad, according Oman News Agency (ONA).

According to the news outlet, the Sezad board chair highlighted “the investment advantages and economic importance of the region and its ability to keep up with Japanese investors”, noting too A’Duqm’s location near Japan’s major markets in Asia and Africa.

READ: Construction begins on Oman’s $7bn A'Duqm Refinery project

“He also pointed to a number of projects currently under way in the region, such as the Ras Markaz Oil Storage Station, explaining the economic importance of this plant, and also addressed the other landmarks of SEZAD, such as the A'Duqm Port, the Dry Dock, A'Duqm Airport and other projects,” ONA added.

The Japanese government representative reportedly welcomed the proposal and “promised to study it with Japanese specialists and companies, praising the good relations between the sultanate and Japan”.

Sonoura added: "We support the economic cooperation between the two countries and we encourage Japanese companies to invest in the Sultanate. We look forward to seeing in the future the increasing number of Japanese companies operating in the Sultanate."

READ: Year of Zayed: Legacy of Abu Dhabi master-planner recognised in Japan

The news comes amid further signs the Arab state is looking to deepen trade ties with Asia.

According to reports by commodity benchmark and pricing group S&P Global Platts, Oman is “in discussions” with partner nations in Asia to establish a news strategic petroleum reserve with a capacity to eventually hold 200 million barrels of crude at its proposed Ras Markaz storage terminal on the Indian Ocean.

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Construction Week - Issue 747
Aug 03, 2019