May 11 2011 |
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Omani non-oil exports to India rise RO 323m in 2010: PAIPED
By By A Staff Reporter MUSCAT -- In line with its objective to increase non-oil Omani origin exports, the Public Authority for Investment Promotion and Export Development (PAIPED) has been conducting market studies in target markets. India has been identified as a target market to increase non-oil Omani origin exports and based on the market study conducted by the Public Authority there is enough scope to increase non-oil Omani origin exports.Faris Nasser al Farsi (pictured), Acting Director-General of Export Development, informed that the Public Authority conducted a seminar on Market Study in India on December 14, 2010 in Muscat and this was later followed with a matchmaking meeting held in Mumbai on January 25, 2011.
As a next step, the Public Authority is organising a matchmaking meeting in New Delhi, India in co-ordination with the Embassy of the Sultanate of Oman in India, the Confederation of Indian Industry (CII) and Avalon Consulting. The event is being held at Trident Hotel, Gurgaon near New Delhi, tomorrow, May 12, 2011.
An Omani delegation consisting of 15 businessmen will be participating in the matchmaking meetings in India. The Public Authority has received confirmations from over 100 Indian businessmen to attend the event.
Faris al Farsi mentioned that the market study in India found a huge potential for Omani exports to India. The relevant Indian market for the shortlisted 21 products is estimated at RO 9.62 billion. Flexible packaging films, polypropylene, plastic pipes, edible oil and marble account for 55 per cent of the relevant market for 21 shortlisted products.
The demand for most of the shortlisted products is expected to grow at a Compounded Annual Growth Rate (CAGR) of 7 to 15 per cent being driven by large government projects, increasing disposable income and changing demographics, in India.
Oman's non-oil exports to India have grown rapidly from RO 70 million in 2005 to RO 323.4 million in 2010 registering a compounded annual growth rate of 36 per cent. Analysis of the trade between the two countries showed that urea dominates Omani exports to India.
Within the remaining non-urea segment, Omani exports are dominated by a handful of products -- aluminium ingots, polypropylene, methanol, dates and so on.
Al Farsi further added that Oman with its strategic, geographic position and long history of friendly relations with India can fulfil the requirement of a strong economic co-operation with India. To further the relations, Oman participated as the focus country in CII Partnership summit, held in Mumbai earlier this year.
Al Farsi hoped that through such activities the non-oil Omani origin exports to India will get a major boost and will also attract investment into the Sultanate of Oman.
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