Workshop on Supply Chains and Export Assurance

Muscat: The Directorate General of Commerce, Industry, and Investment Promotion in North Al Batinah Governorate, in collaboration with Credit Oman and the Logistics City, organized a workshop focused on supply chains and export assurance. The aim was to enhance understanding of international supply chain concepts and export assurance, which are critical factors for the success of institutions in global markets.

The workshop commenced with a speech by Said bin Rashid Al Balushi, Director of the Investment Promotion Department at the Directorate General of Commerce, Industry, and Investment Promotion in North Al Batinah. He stated that Oman, in its pursuit of the targets outlined in Oman Vision 2040, aims to transform into a global logistics hub and enhance its position in the global trade map. This will be achieved by leveraging its strategic location, which is central to global trade movements, along with the significant growth in the maritime ports sector, land transport activities, and the expansion of new investments in various free and industrial zones.

Al Balushi added, “In light of the increasing demand for rapid adaptation to market conditions and consumer needs, focusing on delivering innovations in supply chains and key technologies to enhance efficiencies in supply chain operations has become more critical than ever.” He emphasized that, amid international competition, the Ministry of Commerce, Industry, and Investment Promotion is keen on enabling Omani companies to enhance their competitiveness internationally and keep pace with rapid changes to strengthen the Sultanate's position across various sectors within the framework of the Fourth Industrial Revolution and its applications, relying on artificial intelligence in production, quality control, data management, and solving production issues, as well as utilizing virtual and augmented reality technologies to develop products and industries.

Following this, Sheikh Khalil bin Ahmed Al Harithi, CEO of Credit Oman, presented a visual overview of the insurance services and solutions provided by Credit Oman for manufacturers, exporters, and local sellers. He emphasized the importance of credit insurance in protecting exporters from buyer payment defaults.

Al Harithi noted that Credit Oman offers insurance for several sectors, including mining, food, petrochemicals and plastics, packaging, construction materials, and agricultural products. He highlighted the numerous benefits provided by the company, such as reducing commercial risks, increasing export opportunities, enabling safe and confident sales without the worry of buyer non-payment, facilitating entry into promising non-traditional markets, and expanding business volume.

He also shared statistics from the third quarter of this year regarding total insured sales, which saw an overall growth of 5%, amounting to 272.8 million Omani Riyals, compared to 259.1 million Omani Riyals in the same period last year. Additionally, there was a notable growth in insured local sales by 15%, reaching 126.9 million Omani Riyals, compared to 110.7 million Omani Riyals in the third quarter of 2023.

The workshop also featured a presentation by Dr. Mahmoud bin Sakhi Al Balushi, CEO of the Logistics City, who discussed the role of logistics services and supply chains in export development. He highlighted the importance of logistics in product competitiveness, as well as its role in supply chains and international trade, presenting various statistics and indicators.

This was followed by a presentation by Mideen bin Mubarak Al Balushi, Head of the Export Development Department at the Ministry of Commerce, Industry, and Investment Promotion. He discussed the "Oman Exports" initiative, which is a comprehensive strategic initiative aimed at supporting Omani exporters and enhancing the presence of Omani products and services in global markets. The Oman Exports initiative is a fundamental pillar for achieving the goals of diversifying the Omani economy through effective