I am now the chief editorial writer of The Korea Times. I also worked as the managing editor of the newspaper for 26 months from April 2018. Before that my stints included Politics Desk editor, Business Desk editor, City Desk editor and Culture Desk editor. As a journalist of The Korea Times, the most influential English newspaper of Korea, I have been committed to promoting 'international justice' beyond the social justice pursued by vernacular papers. My career includes working as a visiting scholar in Britain's Cambridge University from 2006-07.
Oman seeks enhanced partnerships with Korean investors
Omani Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef speaks during the Advantage Oman forum at the St. Regis hotel in Muscat, April 27. Korea Times photo by Shim Jae-yun
By Shim Jae-yun
By Shim Jae-yun
MUSCAT, Oman — In a bid to attract foreign investment and showcase Oman's growing economic potential, the Gulf nation recently hosted the exclusive Advantage Oman forum. During the event, an Omani official shared insights about the country's economic vision and its desire to strengthen ties with South Korean businesses, particularly medium-sized enterprises.
Advantage Oman — platform for strategic partnerships
The invitation-only forum was designed as a platform for exchanging ideas and connecting potential investors directly with Omani decision-makers. Qais Mohammed Al Yousef, Omani minister of commerce, industry and investment promotion, emphasized that the event comes at a time of global economic uncertainty, with increasing trade challenges, tariff wars and growing polarization between nations.
"What we thought with Advantage Oman is that investors are looking and wanting to know what is happening around the world, especially in the Arabian Gulf," Al Yousef stated during an interview with The Korea Times on April 27. "The GCC countries — Gulf Cooperation Council: Bahrain, Qatar, Saudi Arabia and Kuwait — are expected to grow beyond the global average."
He highlighted that Oman wants to position itself as "a new choice for investors," noting that investment numbers are already showing positive trends, with Korean investors taking particular interest in the green hydrogen and energy sectors.
Oman Vision 2040
When asked about Oman's development strategy, Al Yousef described the current period as a "renaissance" or "renewal" for the nation. Despite being one of the oldest countries in the region with thousands of years of history, Oman is now experiencing what Al Yousef called "Version 2.0" under the leadership of Sultan Haitham.
"Sultan Qaboos was the father of modern Oman. After that came Sultan Haitham, bringing with him what we feel today is a transformational government — transformation in everything we do, the way we do business, the way we talk to investors, the way we approach things," the official explained.
Oman Vision 2040 rests on four main pillars: economic development, governance and institutional reform, human capital development and environmental sustainability.
Omani Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef, left, speaks during an interview with The Korea Times in Muscat, April 27. Courtesy of Omani Government
Seeking deeper ties with South Korea
The official outlined three aspects of the Oman-Korea relationship that could be developed further.
The first is knowledge exchange. "We share a number of values like the value for friendship, the importance of culture and the importance of training," he said. "Korea has developed and reached where it is today, and we want to see how we can learn from that."
For the second, he cited enhanced trade. "Increasing both exports and imports between the two nations is a priority," he highlighted.
The final is investment opportunities. "Korea needs energy, we have energy," Al Yousef said. "Can we use Oman as a platform where it's located for knowledge transfer and doing semi-finished goods out of Korea, finishing them in Oman and addressing together new markets using our FTAs (free trade agreements)?"
Focus on medium-sized Korean companies
Notably, Al Yousef expressed particular interest in attracting Korea's medium-sized enterprises rather than just focusing on the top conglomerates.
"We are not only seeking the top 100 enterprises in Korea. We respect them and we think they're doing an amazing job. But honestly, my message should be that we're really interested in the second tier of companies," he stated. "We are interested in the medium enterprises of Korea to come and explore Oman."
He emphasized that Oman can serve as a strategic base for Korean companies to access nearly a billion consumers in surrounding markets.
Priority sectors for cooperation
Oman is focusing on five key sectors in its development plans, with several presenting particular opportunities for Korean investors: manufacturing; tourism; information technology, including databanks, electronics and digitalization; mining and minerals; and cultural exchanges, with potential interest in Korea's popular culture exports like K-pop and K-dramas.
As global economic challenges persist, Oman is positioning itself as a stable investment destination in the Middle East with strategic advantages for Asian partners, particularly South Korean businesses looking to expand their international footprint.
Participants of Advantage Oman forum talk the St. Regis hotel in Muscat, April 27. Korea Times photo by Shim Jae-yun