Omani businesses eye global opportunities

Oman Saturday 18/June/2022 20:49 PM
By: Times News Service
Omani businesses eye global opportunities
His Highness Sayyid Dr Adham Al Said, founder, The Firm and moderator of Tejarah Talks.

Muscat: Exporters from across Oman, both established and the potential ones, will come together at the Civil Aviation Authority Training Centre at 7:30 pm on 22 June to discuss accessing new international markets.

Organised by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) in partnership with the Ministry of Culture, Sports & Youth and Oman Business Forum and generously supported by HSBC and SOHAR Port & Freezone, the 22 June ‘Cracking the Export Market’ Tejarah Talks will be moderated by His Highness Sayyid Dr. Adham Al Said, founder, The Firm. And sharing their export insights and stories will be Salem Al Bortmany, CEO, Areej Vegetable Oils; Abdullah Al Badri, CEO, Voltamp Energy; Ali Taqi Hassan, Assistant General Manager & Head of Global Trade & Receivables Finance, HSBC; Faisal Ahmed Khan, COO, A’Saffa Food Processing; and Shayan Sumar, Operations Director, Apex Transgulf Manufacturing

According to Maymuna Al Adawi, MoCIIP Director and Tejarah Talks organiser: “Wednesday’s session has been designed specifically to help existing as well as potential Omani exporters network and guide them on how to improve their exports or export for the first time.”

Today, there is a number of Omani SMEs and start-ups that have products and services to export but may lack the knowhow on where and how to start their export journey. The 22 June MoCIIP-organised event is an opportunity for these businesses to get advice from market experts as well as hear from successful exporters on their experiences and learnings.

“At the end of the day, our aim is to inspire more Omani SMEs to look at the opportunities afforded by the export sector,”emphasized Al Adawi.

When it comes to exploiting new markets through exports, Oman has its fair share of international success, from car batteries and fibre optic cables to marble and sanitary ware. Companies across the length and breadth of Oman producing value-added products and services exported to over 130 countries. But given that two thirds of growth in global trade is coming from new entrants, there is a constant demand for business advice and support in breaking into high-growth market economies and overcoming barriers.

Despite the ongoing global health pandemic, inflationary pressures and supply chain problems, Omani exports remain robust. In 2021, Oman’s non-oil exports to India reached US$1.2 billion, a jump of 172% over 2020. Oman-made exports to the US hit nearly US$500 million in February 2022, up 141% from the same period last year. Positive trade data indicates increased demand for Omani goods and services in two of the world’s most competitive markets.

“These are very encouraging results,” remarked the MoCIIP Director. “Exports of goods and services already contribute a significant amount to Oman’s economy but it is vital we maintain and capitalise on this momentum in order to meet the challenges we face today and in the future. Now really is the time for local businesses to focus on the bigger picture and explore opportunities elsewhere, and the reality is they do not have to look too far to successfully diversify their export markets.”

However, opportunity does not come without risk, points out Al Adawi, adding that “to minimise these risks, I would urge local businesses seeking to take their first steps into overseas markets to attend Wednesday’s Tejarah Talks and take advantage of the wide range of expert advice on offer.”

The MoCIIP Director concluded: “The world is facing a number of significant challenges, but our focus is firmly on building a stronger and more resilient economy and increasing Oman’sexport capacity will be pivotal to this. Our SMEs are the multinationals of tomorrow and we must focus on nurturing their export potential. Hopefully, Wednesday’s Tejarah Talks will help small firms break into the international scene and for larger companies boost their global presence.”

To reserve your Tejarah Talks seat, e-mail your name and contact details to: [email protected]