TURIN -- The Oman government has bought into an Italian supplier as part of its goal to develop car production in the oil-rich Middle Eastern state.

The state-owned Oman Investment Fund last month bought a 40 percent stake in Italian thermoplastic parts supplier Sigit SpA.

The move is part of Oman’s plan to begin production of auto parts in the country within two years and open a car plant around 2020, the fund’s chief economist, Fabio Scacciavillani, told Automotive News Europe.

He said Oman is investing billions in the strategy but declined to give detailed figures.

“Oman has the financial strength to attract parts suppliers first and then automakers by offering them a combination of oil-derived products, low energy costs and access to the Greater Arab Free Trade Area,” Scacciavillani said.

Vehicle sales in the Gulf states increased by 8 percent to 1.8 million last year, according to market researchers at focus2move. The region’s largest market is Saudi Arabia with 2014 vehicle sales of 864,488, up 12 percent. No. 2 was the United Arab Emirates with sales of 401,106, a rise of 11 percent. Oman was No. 3 with a flat volume of 218,185.

Gulf countries have invested in automakers in recent years. Kuwait’s sovereign wealth fund is Daimler’s largest shareholder with a 6.8 percent stake. Qatar is Volkswagen’s second-biggest shareholder with a 15.6 percent stake.

Privately owned Sigit supplies thermoplastic and rubber components to automakers including Fiat Chrysler Automobiles, General Motors, Volkswagen Group and Renault. It had sales of 72.5 million euros last year. The supplier employs 800 people and has nine plants -- five in Italy and one each in Poland, Serbia and Morocco, plus a joint venture in Russia.