Omani firms' non-oil exports up by $2bn

Business Monday 26/November/2018 18:34 PM
By: Times News Service
Omani firms' non-oil exports up by $2bn

Muscat: Oman’s local firms exported non-oil commodities worth $8.2 billion in 2017, up from $6.2 billion in 2016, according to recent government figures.
The figures highlight the growing importance of the Sultanate's non-oil exports, which will take centre stage at the upcoming Oman Export Week.
Commenting on the importance of Oman’s non-oil exports to GDP in the lead-up to the event, Taleb Al Makhmari, Marketing and Media Director General at Ithraa, said, “Internationally-engaged businesses and entrepreneurs are doing great work right across the Sultanate, reaping the rewards of trading with global customers and creating jobs and powering economic growth for the nation."
“There are a huge number of local businesses of all sizes that have exportable products and services, ranging from confectionery, textiles, cosmetics, automotive spare parts and sanitary ware to technology, design and consultancy," Al Makhmari added.
"What we need to do is to excite them about the opportunities that are out there. We also need to break down the myths people have about why they shouldn't export. Hopefully, that can be achieved through the exciting programme of workshops we’ve put together for Oman Export Week."
Non-oil exports are a key component of Oman's National Programme for Enhancing Economic Diversification (Tanfeedh). The programme aims to boost the Sultanate's economic diversification by focusing on five target sectors in the Ninth Year Plan, including logistics, manufacturing, tourism, fisheries and mining, as well as moving forward with key strategic projects.
In terms of exports, manufacturing, fisheries, and mining have grown rapidly in Oman. According to the NCSI, mineral products comprised the highest value of non-oil goods exports at the end of April 2017, reaching OMR341.6 million. They were followed by chemical products exports, which increased by 5.6 per cent to reach OMR291.5 million from OMR276 million at the end of April 2017.
“Export doesn’t happen overnight,” said Al Makhmari, adding, “The number of Omani success stories, especially among businesses that didn’t think there was any demand for their offer, is truly inspirational.”
Free of charge and open to businesses and entrepreneurs from all sectors, Oman Export Week will take place at the Oman Convention and Exhibition Centre from December 2 to 6, 2018.