Muscat - Trading internationally is a natural step for many Omani businesses looking to grow as increasing opportunities open up in existing export markets and new possibilities emerge for Oman-made and grown products in countries around the region as well as further afield. The prospects, options and resources available to internationally minded manufacturers along with potential pitfalls, problems and risks will be explored at the upcoming Tejarah Talks, 7:30pm Wednesday 22 June at the Civil Aviation Authority Training Centre in Al Hail North.
Organized by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) in association with the Ministry of Culture, Sports & Youth, Oman Business Forum and generously supported by HSBC and SOHAR Port & Freezone, the evening’s discussion will be moderated by His Highness Sayyid Dr. Adham Al Said, Founder, The Firm. Expert insights and information will be provided by panelists Salem Al Bortmany, CEO, Areej Vegetable Oils; Abdullah Al Badri, CEO, Voltamp Oman; Ali Taqi Hassan, Assistant General Manager and Head of Global Trade & Receivables Finance, HSBC; Faisal Ahmed Khan, COO, A’Saffa Food Processing; and Shayan Sumar, Director, Operations, Apex Transgulf Manufacturing.
Commenting on this latest Tejarah Talks topic, His Highness Sayyid Dr. Al Said noted: “Our economy is at an inflection point. While current challenges in global trade persist and Omani businesses continue to adjust to a post-COVID environment, local firms need to have an eye on future opportunities. We have to work together to get more companies, particularly SMEs, thinking global and increasing Oman’s export-led growth in sustainable goods, services and technologies.”
He continued: “Exports help companies become more competitive, diversified, and more likely to survive tough economic times. In fact, it makes them more attractive to potential clients and partners here at home and overseas. Boosting Oman’s non-oil exports promises many opportunities for productivity, decent jobs, balance of trade and good for our quality of life.”
“We often hear companies saying exporting is difficult and with this in mind the Tejarah Talks panelists will also delve into the challenges would-be exporters should be aware of and how to combat them,” said Maymuna Al Adawi, Director, MoCIIP and Tejarah Talks organizer noting that these include overcoming exchange rate fluctuations; breaks in supply chains; dealing with cultural, legal and language issues; meeting labelling requirements; coping with extended payment terms and maintaining a healthy cash flow”
Despite the world economic slowdown, Omani companies are consistently demonstrating that they are not simply surviving, but performing exceptionally well in international markets. In 2021, for example, Oman’s non-oil exports to India increased to RO478 million (US$1.2 billion) a jump of 172% on 2020. While in February this year the US imported over RO87.6 million (US$227 million) worth of Omani products, the third highest monthly recording in 10 years.
According to the MoCIIP Director, this is a defining moment in Oman’s trading story. “We understand local businesses are at different points on their exporting journey. Some are already highly successful exporters but want to sell more products or reach new markets. Others are yet to take the leap and export for the first time. Whatever your story, the insights and experience our panel will be sharing 22 June will be invaluable to any company looking to maximize their ambitions and sell to the world.”
To reserve your place at Tejarah Talks email your name and contact details to TT@tejarah.gov.om
For press enquiries please contact:
Sajda Al Ghaithy
Ministry of Commerce, Industry & Investment Promotion
PO Box 550
Sultanate of Oman