Oman is undoubtedly one of the Middle East’s most impressive success stories. Not only has it remained an oasis of peace in a turbulent region, but the monarch’s success in diversifying the economy away from hydrocarbons has been outstanding, as has the regeneration of Oman’s export sector.
One organization playing a significant role in an export boom that in January 2018 saw non-oil exports surge more than 34.8% year-on-year to reach a total of $8 billion is Ithraa, Oman’s award-winning investment and export development agency. Established in 1996, Ithraa has helped attract almost $20 billion in FDI since 2014. It has also persuaded a whole range of multinationals to establish a presence in the country, including Huawei, Carrefour and Lulu, along with oil and mining giants BP and Rio Tinto. Ithraa has also made a concerted effort to raise the international profile of Oman’s indigenous industries and provide them with the expertise and tools they need to compete on the global stage.
In the second half of 2018, Ithraa hosted trade delegations from countries as diverse as Iran, Japan and China. It organized trade missions to the United Kingdom, Canada, Tanzania and Qatar, and ran workshops aimed at informing local businesses about the opportunities in a number of sectors, including healthcare and agriculture. The agency’s aim is to raise the awareness of these entities to the opportunities in Oman arising from the country’s changing demographics and technological innovation.
Thanks to these efforts, Oman’s re-emergence as a regional economic power is very much a two-way street, with ongoing investment in a network of ports and of Special Economic Zones encouraging FDI and driving exports.
The diversification process is also well underway, with the mineral, chemical, metals and livestock sectors all putting in strong performances. Oman’s geographical reach is also spreading. While GCC countries remain the largest recipients of Omani goods and raw materials, the United States, Yemen, India and China are also now emerging as increasingly important customers.
Oman’s presence on the global stage is only just beginning. Get in touch and find out what Oman can do for your business by emailing: email@example.com
|Source:||Time International (Atlantic Edition). 4/22/2019, Vol. 193 Issue 15, pS5-S5. 1/2p.|