Friday 19 / April / 2024
Muscat: Companies in Oman that adopt a global outlook by setting up export and service channels for overseas customers will benefit from increased revenue which, in turn, will enable them to contribute to the internal growth of the country.
That is according to economic experts, both at the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) as well as private sector bosses.
“Our economy is at an inflection point,” said His Highness Sayyid Dr Adham Al Said, founder of The Firm. “While current challenges in global trade persist and Omani businesses continue to adjust to a post-COVID environment, local firms need to have an eye on the future opportunities.
“We have to work together to get more companies, particularly SMEs, thinking global and increasing Oman’s export-led growth in sustainable goods, services and technologies,” he added.
“Exports help companies become more competitive, diversified and more likely to survive tough economic times. In fact, it makes them more attractive to potential clients and partners at home and overseas,” he went on to say.
“Boosting Oman’s non-oil exports promises many opportunities for productivity, decent jobs, balance of trade and quality of life,” HH Sayyid Dr Adham Al Said
Trading internationally is a natural step for many Omani businesses looking to grow and seeking increased opportunities in existing export markets. New possibilities emerge for Oman-made and grown products in countries around the region as well as further afield.
The prospects, options and resources available to internationally minded manufacturers along with potential pitfalls, problems and risks will be explored at an upcoming session of Tejarah Talks, on Wednesday 22 June at the Civil Aviation Authority Training Centre in Al Hail North.
Organised by the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) in association with the Ministry of Culture, Sports & Youth, Oman Business Forum and supported by HSBC and Sohar Port & Freezone, the evening’s discussion will be moderated by His Highness Sayyid Dr. Adham Al Said, founder, The Firm.
Expert insights and information will be provided by panellists Salem Al Bortmany, CEO, Areej Vegetable Oils; Abdullah Al Badri, CEO, Voltamp Oman; Ali Taqi Hassan, assistant general manager and head of global trade and receivables finance at HSBC; Faisal Ahmed Khan, COO, A’Saffa Food Processing; and Shayan Sumar, director, operations, Apex Transgulf Manufacturing.
Despite the world economic slowdown, Omani companies are consistently demonstrating that they are not simply surviving, but performing exceptionally well in international markets. In 2021, for example, Oman’s non-oil exports to India increased to OMR478 million ($1.2 billion), a jump of 172 percent over 2020.
In February this year, the US imported over OMR 87.6 million ($227 million) worth of Omani products, the third highest monthly imports recorded in 10 years.
“We often hear companies saying exporting is difficult and with this in mind the Tejarah Talks panellists will also delve into the challenges would-be exporters should be aware of and how to combat them,” said Maymuna Al Adawi, director at MOCIIP and Tejarah Talks organiser.
“These include overcoming exchange rate fluctuations; breaks in supply chains; dealing with cultural, legal and language issues; meeting labelling requirements; coping with extended payment terms and maintaining a healthy cash flow”
According to Al Adawi, this is a defining moment in Oman’s trading story.
“We understand local businesses are at different points on their exporting journey,” she added, “Some are already highly successful exporters but want to sell more products or reach new markets. Others are yet to take the leap and export for the first time.”
