From Aspiration to Action Growing Oman’s Exports
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CONTENTS
Al Buraimi Industrial Estate Sohar Industrial Estate The Port of Sohar Sultan Qaboos Port Freezone Sohar
Muscat International Airport Sur Industrial Estate
Rusayl Industrial Estate
Sumail Industrial Estate
Nizwa Industrial Estate
The Duqm Special Economic Zone Authority
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Welcome
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Export Snapshot
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Salalah Free Zone
Salalah Airport Al Mazunah Free Zone
Consumer Growth
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Here to Help
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Chemicals, Plastics, Packaging & Steel
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Port of Salalah Raysut Industrial Estate
Sultan Qaboos Port www.pscoman.com
Nizwa Industrial Estate www.peie.om
Port of Salalah www.salalahport.com
Furniture
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Rusayl Industrial Estate www.peie.om
Sumail Industrial Estate www.peie.om
Salalah Free Zone www.sfzco.com
Food
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Sohar Industrial Estate www.peie.om
The Port of Sohar www.portofsohar.com
Al Mazunah Free Zone www.peie.om
Fishing
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Raysut Industrial Estate www.peie.om
Freezone Sohar www.freezonesohar.com
Muscat International Airport www.oamc.com
Supporting Exporters
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Al Buraimi Industrial Estate www.peie.om
Salalah Airport www.oamc.com
Ithraa’s Export Development Directorate
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The Duqm Special Economic Zone Authority www.duqm.gov.om
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Sur Industrial Estate www.peie.om
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Welcome I thank you for your interest in Ithraa’s Export Development Directorate - a team that develops programs designed to assist Omani businesses diversify their customer base and enter global markets. Oman is undergoing significant transformation and development. Bold and innovative changes are being made to make the Sultanate ever more business-friendly. For example, Oman’s 8th Five-Year plan (2011-2015) features investments of US$78 billion, representing a 113% increase over the 7th Five-Year Plan. One of the focal points of the plan is to strengthen Oman’s business community and bolster non-petroleum industries, including natural gas, manufacturing, tourism, agriculture and fisheries. This commitment, combined with our manufacturing leadership, multilingual talent, geographic advantage and superior lifestyle are fueling economic growth and new export opportunities.
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Moreover, given that we are located on the doorstep of the world’s fastest growing markets, it makes business sense to set-up where the customers are. In this regard, Ithraa’s Export Development Team is determined to increase Oman’s non-oil exporting opportunities by providing resources to help businesses identify and penetrate key emerging international markets. We offer a wide variety of export support and assistance to help companies launch, expand and enhance exporting opportunities. If you are interested in learning more about what might fit your company’s needs and would like to work with one of our export specialists then I encourage you to contact our Export Development Team. Indeed, we look forward to hearing from you. Nasima Al Balushi Director General, Export Development Directorate Ithraa
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Export Snapshot
Consumer Growth
Oman has an ancient and distinguished history as a trading and seafaring nation and today is one of the most economically vibrant countries in the Gulf region. Its strategic location, highly desirable quality of life, young, multilingual workforce and diversified economy have made it an industrial and enterprise powerhouse and a magnet for attracting companies looking to penetrate the fast-growing markets of the Middle East, Asia and Africa. Indeed, Oman is globally engaged and between 2012 - 13 exports rose from US$52bn to U$56.3bn, a compound annual growth rate of 8.2%. Non-oil exports also increased from US$9.3bn in 2012 to US$9.88bn in 2013 – a compound annual growth rate of 6%.
Until 1500 Asia was at the heart of the global economy accounting for approximately two thirds of global GDP. But in the 18th and 19th centuries urbanization and industrialization pushed Europe and North America into a position of economic advantage. However, the world’s centre of economic gravity is changing and since the mid-1980s, the pace of that shift from the United States and Europe toward Asia has increased dramatically. It is estimated that 600 cities will generate nearly 65% of the world’s economic growth by 2025. However, the most revealing fact is that by 2025 cities in emerging economies will account for close to half of overall growth. One billion people will enter the global consuming class by 2025. They will have incomes high enough to classify them as significant consumers of goods and services, and around 600 million of them will live in emerging markets that are on Oman’s doorstep. These trends point to a great market opportunity for Omani firms; Oman is strategically placed and has the business base, track record, infrastructure, experience, talent, leadership and global connectivity to help any business take its export activities forward.
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travel – for business services and tourism – supports jobs and revenues in ports, airports, freight and logistic sectors.
Why Export? 14 Good Reasons to Export
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Remuneration: Export sector jobs pay well.
Most small companies think exporting is purely for large and established firms. However, research suggests it is as beneficial for small businesses to engage in international trade as it is for large companies. Here are 14 reasons why you should consider exporting:
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Attract Talent: Omani businesses that export often develop a global presence, which is attractive when it comes to recruitment. Business owners may find it easier to recruit staff with better qualifications and greater levels of ambition - people who wish to help the company develop globally.
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Spreading Risk: Businesses that are active in more than one market feel the impact of region-specific issues that affect trade less severely.
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Weather the Storm: Businesses that export generally experience greater revenue growth than non-exporters and are better equipped to weather economic downturns.
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Innovation: Exporting to international markets can lead to the development of new innovative products and services.
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Job Creation: The production of exported goods and services creates jobs, both directly and indirectly in the supply chain. Moreover, the movement of goods exports and passenger
Increase Sales: A diversified export market enables businesses to expand sales. It is often easier and more lucrative to tap a fresh market than trying to maximize an existing one.
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Compete: Small businesses may find it difficult to compete with large companies in the domestic market. One reason is the awareness of the difference in the brand equity of a large company and a small company among the local populace. Tapping into an export market can overcome this issue, because international buyers would not make the kind of comparisons domestic buyers might.
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Price Flexibility: Companies often have more flexibility in the pricing of their goods and services in an export market than in the domestic market.
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Economies of Scale: If a business has excess production capacity, it will be more profitable for it to produce more rather than less, and sell the excess in an export market. This way, a small business can benefit from economies of scale.
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Product Lifecycle: A product may become obsolete in one market, but still have relevance in another. It is useful for small businesses to cash in on opportunities such as these and extend the life cycle of a product by selling it internationally.
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Faster Growth: Surveys of large as well as small businesses have shown that companies that export tend to grow faster than those that do not.
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Battle Competition: If the domestic market is competitive, it is always beneficial for small businesses to enter an export market rather than compete with larger firms.
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Origin Oman: In many international markets, Omani products are associated with quality and luxury – from perfume, petrochemicals, marble and ceramics, food and beverage, steel, cables, automotive spare parts, plastics, furniture, batteries to fish – we have an excellent reputation.
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Here to Help
Chemicals, Plastics, Steel & Packaging
Ithraa’s Export Development Team has significant experience and expertise in all areas of the export process - from financing, distribution channels, markets, regulations to logistics. Helping your business identify and maximize opportunities to enter international markets.
Oman has been exporting goods for centuries. Our non-oil products range from steel and cement to confectionary and perfume; from automotive spare parts and polyethylene pipes to ceramic tiles and PVC; from fibre-optic and electrical cables to pharmaceuticals and petrochemicals; and from food and beverage and marble to fertilizer.
We help you assess export opportunities, from developing a plan, identifying buyers and markets, preparing to sell through to advising on managing logistics. Ithraa’s Export Development Team can provide you with information, research, market studies, B-2-B meetings, participation at international trade shows and contact with our representatives in markets across the globe. In brief, we want to: o o o o o o o
Help increase the number of Omani non-oil business exporters. Help increase the value and volume of Omani non-oil exports. Help raise international awareness of Oman’s non-oil products and services. Help increase Oman’s competitiveness in the global marketplace. Help Omani businesses compete in the international marketplace. Help generate increased sales as well as retain and create jobs. Help strengthen Oman’s economy.
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Today, the Sultanate is building a strong industrial base in a concerted effort to diversify the economy away from hydrocarbons and is enjoying significant success in attracting and winning investment that is taking Oman’s exports to new heights. For example, in one of its largest foreign investments, India bought a US$980 million stake in the Oman-India Fertiliser Company (OMIFCO) in Sur. Exporting approximately 200 million tons of urea, OMIFCO is one of the biggest suppliers of granular fertilizer to Indian farmers and the Sur-based facility one of the world’s largest grassroots fertiliser complexes. With regards to packaging, PET sheet and PET resin are the fastest-growing segments of the packaging industry worldwide and Salalah-based Octal Petrochemicals is targeting a market share of 20%. The Middle East is the lowest-cost source of raw materials for the polyester chain, and, with around 460 million people, is emerging as an important consumer market.
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Oman’s large reserves of natural gas are a cost-effective source of electricity as well as feedstock for industries like plastics, aluminum, steel and fertiliser – and Oman aims to become one of the world’s leading manufacturers of polypropylene and polyethylene. Indeed, in 2012, Octal tripled its annual production capacity of PET resin used for water, juice and soft drink bottles with the commissioning of two of the world’s largest vertical reactors at the company’s PET complex in Salalah. The company’s total system output of one million metric tons per year of PET bottle grade resin, makes Octal the largest PET producing site in the world at any single location. The value of the company’s exports currently stands at US$100mn per month.
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Global demand for steel, while cyclical in nature, has been exceptionally high in recent years. Predictions of continued economic growth in the GCC and Indian Ocean Rim economies, along with the Sultanate’s own booming construction projects in tourism, urban and infrastructure development, call for the development of a domestic steel industry to help feed national and regional demand. The Sohar Aluminium plant currently produces 375,000 tons of aluminium per annum and employs a workforce of 1,000 people. But the aluminium smelting facility is just the starting point for a growing industrial base. The company indirectly employs some 3,000 people, across a range of downstream industries. A considerable proportion of the plant’s output is cast into ingots
and exported around the world through the Port of Sohar. Based on cost and output figures, Sohar Aluminium is calculated to be the most competitive and cost effective smelter in the world. The global aluminium market continues to be dynamic despite recent economic uncertainties, and countries like Oman are in a good position to increase output to meet this growing demand. The predicted growth in demand for aluminium worldwide stands in the region of 5% - that is 4 million tons of aluminium per year at present and that is expected to increase to close to 10 million tons by 2020. That means the world needs to build five or six plants the size of Sohar Aluminium to keep up with demand. This creates considerable opportunities for companies like Sohar Aluminium.
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International Trade On 9 November 2000, Oman joined the World Trade Organization (WTO) and since then, WTOconsistent protection of intellectual property, market access and customs valuation have made Oman a dependable trading partner.
strategy, the company is further supporting the development of the local supply chain by creating new revenue streams for local entrepreneurs and businesses. To that end, Vale injected US$2.5mn into SME contracts in 2012 which led to further job creation and capacity building.
Among several key bilateral achievements, Oman’s Free Trade Agreement (FTA) with the United States took effect on 1 January 2009, marking a major new phase in their longstanding ties. On the multilateral front, Oman is also an active member of the Greater Arab Free Trade Zone, the GCC Customs Union and the Indian Ocean Rim Association for Regional Co-operation (IOR-ARC).
With a total investment of US$2bn, Vale has helped solidify Oman’s global position in two areas. First, through the Pelletizing Plant and a fleet of Very Large Ore Carriers (VLOCs), the company has created a ‘virtual iron ore mine’ in the Sultanate. In this regard, Vale signed an agreement with the Oman Shipping Company to build four VLOCs exclusively to ship iron ore from the company’s mines in Brazil to Oman.
As a signatory to international trade agreements, Oman is attracting significant investment from large multinationals, an example of this is Vale, a global mining company with headquarters in Brazil with a presence in more than 30 countries spread over five continents. Driven by a long-term strategy to expand its presence in key regional markets, Vale established its Middle East office in Muscat in 2007. In 2011, the company inaugurated its industrial complex which comprises of a Pelletizing Plant with an annual production capacity of 9 million metric tons and a Distribution Centre with a through-put capacity of 40 million metric tons in the Sohar Industrial Port. Today, Vale’s Industrial Complex significantly contributes to the Sultanate’s socio-economic development by generating more than 1,200 direct jobs and focusing on recruiting and training Omani youth to lead the industry in the future. In line with Oman’s economic diversification
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Second, through the Distribution Centre, Vale has been able to establish a well-connected logistical hub to export its products to some of the biggest steel producers in the Middle East, North Africa and Asia, including India. To achieve this, the company partnered with Sohar Industrial Port Company to build a 1.4 kilometre deep-water terminal which enables Vale to meet the growing demand from the region’s industries. Vale’s strategy in Oman is founded on transparency and reinforced by working in an integrated manner with the government and society to identify opportunities, utilize resources and adopt innovative solutions that will enhance the company and the Sultanate’s competitiveness in the international business arena.
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Furniture Omani furniture and household goods are manufactured with high-quality raw materials and components. Modern manufacturing plants manned by professional managers and skilled technicians, extensive distribution networks and prompt service ensure quality, safety, durability, reliability and easy availability – at affordable prices.
Food Agriculture, livestock, fisheries and food production are a major source of employment in Oman. Downstream, they help supply large and medium-sized food-processing units, including flour mills, poultry farms, producers of milk powder, seafood, juice, ketchup, chocolates and sweets, canned tuna, mineral water, bakery products and snack foods. Exports in this area totaled US$961mn in 2012.
sector is being strengthened with improved harbours and storage facilities, marine workshops and aquaculture projects. Oman’s marine exports include sardines, tuna, grouper, kingfish, sea bream, shrimp, lobsters and abalone. 72237.4 tons of landed fish were exported in 2012, earning US$144.8mn.
Major Markets Omani non-oil exports have faired extremely well despite the global recession. In 2012, the UAE and Saudi Arabia accounted for 31.5% of Oman’s non-oil exports and the GCC region as a whole represented 40.6% of our non-oil exports. Indeed, the GCC, India and the Middle East and North Africa have been less affected by the global economic downturn and will continue to be major markets for Oman’s non-oil exports.
Fishing With 3,165 kilometres of coastline and 150 species of fish and crustaceans, Oman’s fish reserves are among the largest in the world. Our annual catch is the biggest in the Arabian Gulf. This
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Supporting Exporters The Public Establishment for Industrial Estates (www.peie.om) Our industries are resolutely turned outward to global markets, and our world-class transshipment ports ideally positioned on global shipping lanes. Oman is strategically poised at the entrance to the Arabian Gulf, in the middle of the East-West trade routes, and has been an important trading hub between Europe and Asia for many centuries. More than 460 manufacturing companies with a total investment of over US$11.3bn operate on the industrial estates managed by the Public Establishment for Industrial Estates (PEIE). In addition to Rusayl in Muscat, there are industrial estates in: Al Buraimi, Sohar, Nizwa, Sur, Sumail and Salalah.
The Port of Sohar (www.portofsohar.com)
11 general cargo, a joint venture between Oiltanking and Odfjell for liquid cargo and Hutchinson Whampoa for containers.
Freezone Sohar (www.freezonesohar.com) Freezone Sohar consists of 45km2 of business opportunity - a special economic zone offering a range of incentives. Indeed, it is an ideally located trans-shipment hub between east and west and which provides businesses with an opportunity to distribute products to a customer base of nearly 2 billion consumers – all on Oman’s doorstep. Freezone Sohar is home to companies operating in: steel manufacturing and processing; trade and logistics; oil and gas; petrochemicals; minerals and aggregates industry; ceramics; and food processing. Freezone Sohar is part of the Sohar Industrial Port Company’s group, is adjacent to a first class port, creating an ideal business environment for easy import and export of all goods and commodities. World renowned terminal operators handle goods at attractive rates.
The Port of Sohar is located just outside the Strait of Hormuz. This US$14bn development boasts three clusters: logistics, petrochemicals and metals. Its tenants include world-leading companies Vale, Air Liquide, Larsen & Toubro, Methanol Holding International and Jindal Power & Steel. The independent terminals are operated by world class leading companies; C. Steinweg Oman for
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The Duqm Special Economic Zone Authority (www.duqm.gov.om) With a land area of 1,777km2 and 80 kilometres of coastline along the Arabian Sea, The Duqm Special Economic Zone Authority (SEZAD) is the largest in the Middle East and North Africa region and ranks among the largest in the world. A variety of targeted sectors have ben identified for SEZAD - including petrochemical; oil refining; chemicals; plastics; paints and mineral oils. SEZAD will also focus on the extraction of natural mineral ores and develop affiliated industries such as basalt fiber, thermoelectric materials, glass industries, cement, building materials, lime, gypsum, marble, fertilizers and ceramic, as well as fisheries projects.
Port Sultan Qaboos (www.pscoman.com)
Port of Salalah (www.salalahport.com) The Port of Salalah, approximately 1,000 kilometers southwest of Muscat in southern Oman, has established itself as one of the largest transshipment ports in the world and major shipping lines have a strong presence here. Salalah is the only port between Europe and Singapore to accommodate S-class container vessels – the world’s largest – and currently has a capacity of 6 million TEUs.
Salalah Free Zone (www.sfzco.com) Salalah Free Zone (SFZ) is located at the heart of East African, GCC and Asian trade routes. Given substantial import momentum in India and China, and positive trade sentiment across the region, Asia will continue to drive growth in the global economy and Salalah Free Zone is ideally located for businesses looking to penetrate these important markets.
Muscat’s Port Sultan Qaboos (PSQ) is the country’s principal deep water port. PSQ has recently become a tourism port and its cargo trade has been moved to the Port of Sohar.
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Al Mazunah Free Zone (www.almazunah.com) Al Mazunah Free Zone (AMFZ) is located 4 kilometres from the Yemeni-Omani border and covers approximately 3 million square meters, with an investment of US$1.76bn. AMFZ has state-ofthe-art infrastructure that includes a commercial mall, hotel, car dealing stores, warehouses, administrative centre, showrooms, commercial stores, animal wealth and multi-purpose areas.
Muscat International Airport (www.oamc.com) The new terminal at Muscat International Airport will have the capacity to handle 12 million passengers annually. Further expansions planned in three subsequent phases will ultimately boost the airport’s capacity to 24, 36 and 48 million passengers when the demand is required.
Salalah Airport (www.oamc.com) The new terminal at Salalah Airport envisages an expansion of capacity to 1 million passengers annually by 2014. The airport has been designed to allow for further expansions to cater for future demand growth to 2 and 6 million passengers annually when the demand is required.
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Ithraa’s Export Development Directorate Q: Can you give us a brief overview of Ithraa and your responsibility within the organization? A: Certainly. We opened our doors in January 1997, and at that time were known as the Omani Centre for Investment Promotion & Export Development (OCIPED). We’ve recently been re-named as Ithraa and we’re a government-run authority established by Royal Decree.
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We’re a certified Investor in People (IQC, United Kingdom) organization and the first government organization in Oman and the second public-sector body in the Arab World to receive ISO 9000 quality-management certification. Our work focuses on the investment promotion and export development of Oman and we provide a range of services to both the private and public sector. In this regard, we’ve five main activities that include:
Moreover, our institutions, legal framework, tax systems and stock market regulation are respected the world over. If these and many other national strengths are leveraged, more and more Omani companies will compete in the global market, develop innovative products and services and so create new jobs and rising prosperity for the people of Oman. Q: What services does Ithraa provide firms to help them become successful in foreign markets? Are these services available to only Omani-owned companies? And what are the requirements for exporters to avail of these services? A: To help domestic firms achieve their commercial goals, Ithraa runs a diverse range of domestic and international marketing, communication and PR activities that include seminars; B-2-B matchmaking sessions; an Exporter Working Group; export and investment missions; trade delegations and international exhibitions; market studies; hosting international buyers and providing up-to-date trade information. Indeed, all these services are provided free-of-charge.
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Presenting Oman as an investment destination and a source of world-class products and services
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Investment promotion, facilitation and development
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Export market entry studies and export strategy
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Investment and export research
My Directorate also pays particular attention to sector studies in marketing and promotion. These play a key role and contribute greatly to increasing our exports. In this regard, recent studies undertaken by DGED include:
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General trade information
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Strategy for the Development of Non-oil Omani Origin Exports
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Trade Reports between the Sultanate and other Countries
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Product Market Studies for Yemen; Kenya; Tanzania; Iran; Syria; Sudan; Libya and India
I manage Ithraa’s Directorate General of Export Development (DGED) and we’ve developed a strategy to develop non-oil exports of Omani origin. This strategy identifies Omani products for export, targets new markets and identifies the short, medium and long-term strategy for them. It is worth mentioning Oman was ranked 33rd in the 2013 - 2014 World Economic Forum’s Global Competitiveness Index – this clearly highlights the fact that Oman has intrinsic strengths to build on. For example, its open economy offers international investors an attractive and safe location.
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In association with the International Trade Centre (ITC) in Geneva, we’ve created the Oman TradeMap - a trade information database that provides indicators for monitoring and benchmarking Oman’s export performance, identifying potential markets, product diversification and assessing the role of competitors in international markets.
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Also in partnership with ITC Geneva, we’ve published Trade Secrets – an export answer book, if you will, for SME exporters. It’s a unique, practical, result-based reference guide designed specifically for Omani businesses engaged in exporting products or services. The publication provides a comprehensive overview of export transactions from an operational point of view, featuring 148 frequently asked questions regarding the export process for which answers aren’t easily found. In fact, we’re the first country in the GCC to publish such a document.
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The Generalized System of Preferences (GSP) – this is essentially a preferential tariff system which provides advantages to developing countries that enables qualifying products to enter markets of donor countries at a reduced or totally eliminated rates of duty. Ithraa in co-ordination with UNCTAD, Geneva, has compiled a website with GSP data and this is available on Ithraa’s website. It’s information rich and provides domestic exporters with a wealth of export information. We work very closely with domestic exporters and run an annual visit program to Omani manufacturers, this helps us identify any export problems or obstacles encountered by domestic firms. The field visits also provide my team with an opportunity to brief local exporters on Ithraaled activities and services. We’ve also identified importers of Omani products and have invited them to visit the Sultanate. In this regard, Ithraa organizes regular B-2-B matchmaking meetings which link Omani exporters with international importers. On the international front, Ithraa has representatives in key global markets – all actively involved in promoting Oman’s investment projects and attracting investment. The representative offices also promote Omani products and are actively involved in finding new market opportunities for Oman-made products and services.
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16 Q: What do you consider as DGED’s major accomplishments? A: From its establishment, Ithraa has been a critical player in Oman’s drive towards economic diversification. And the recent Royal Decree that further elevated our standing not only signalled renewed government commitment to boosting investment in Oman’s economy and trade in non-oil exports, it also demonstrated Ithraa’s pivotal role in the fulfilment of both these strategic objectives. Helping domestic companies penetrate mature as well as emerging markets is extremely important to my team. In fact, we’ve had considerable success in this regard and the number of Omani firms exporting to international markets continues to rise. Indeed, Oman saw the value of its nonoil exports rise to US$9.8bn in 2013. This success is in line with Ithraa’s export strategy which identified thrust products and target markets.
My team is also focusing on the growing Indian market. We’ve carried out market research and conducted seminars. and B-2-B meetings between Oman and India businesses. There are some very exciting opportunities for Omani manufacturers in India. Ithraa is playing an important role in facilitating the re-orientation of exports towards emerging markets like India and removing any regulatory barriers for Omani companies that wish to break into these markets. Oman witnessed non-oil Omani exports to India grow by 48.1% per cent in 2012.
With regard more mature markets, we’ve been helping Omani companies participate at major international trade shows in the Gulf, US, Asia, Africa and Europe. We’ve also been encouraging Omani exporters to take advantage of the Oman-US Free Trade Agreement which has seen Oman’s non-oil exports to the US hit US$4.82mn in 2013 as against US$289.6mn in 2011. This is an increase of 66.4%. And with regard markets in the Far East, Omani non-oil exports to Singapore rose from US$100.5mn in 2012 to US$138mn in 2013 a jump of 37.3%.
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Why Exports Matter? The production of exported goods and services creates jobs, both directly and indirectly in the supply chain. One study ďŹ nds that every US$1 billion in new exports creates 5,400 additional jobs.
Exporting powers innovation. SMEs that export tend to innovate more in products and processes than non-exporters.
The movement of goods exports and passenger travel (for business services and tourism) supports jobs and revenues in the port, airport, freight, and logistics sector.
Manufacturers generate well-paid jobs in a range of skills and professions, and not just on the production side; in fact, many large manufacturing companies are also services companies, in sales, design and so on. Factories plug into local businesses and drive services too. Crucially for any leading economy, manufacturers also drives technological change. Also, manufactures are easier to trade than most services, and can bolster export revenues.
Export sector jobs pay well. For every US$10 billion in sales in a metropolitan export industry, its workers earn 10 to 20% higher wages than those in non-exporting jobs Small- and medium-sized ďŹ rms (SMEs) that export generally experience greater revenue growth than non-exporters and weather tough economic times better as a result; in one international study, SME manufacturing exporters grew revenues by 37% while non-exporting manufacturers experienced a 7% decline in revenues.
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Promoting Exports
Trade Up Workshops
Ithraa’s Export Development Directorate is working with partners from across the Sultanate’s public and private sector to help strengthen Oman’s non-oil exporters. Our non-oil exports to the world have risen from US$679.4mn in 2002 to US$9.8bn in 2013, registering a Compounded Annual Growth Rate of 17%. But there is still great potential for Omani companies to do even better overseas. And we are particularly focused on helping domestic firms penetrate large, vibrant and fast-growing economies, particularly in Africa, the Middle East and Asia.
In response to these challenges, Ithraa’s Export Development Directorate has created the Trade Up Seminar Series which is designed to help Omani enterprises that are new to overseas trade take the plunge, as well as assist those already trading overseas to increase sales. Through the Trade Up series, we have tapped into the experiences of seasoned exporters to give businesses ideas and advice on how to avoid the main pitfalls and build a successful book of export business.
Providing Help & Support Omani companies that are new to exporting often need help getting started. Even companies that are aware of global opportunities often prefer operating within the confines of Oman’s market, where they have successfully grown their businesses. Ithraa’s Export Development Directorate is also taking a proactive approach to supporting the export efforts of Omani businesses, ensuring, for example, that Omani firms are well-represented at important trade events around the world. We understand that Omani companies require assistance expanding into foreign markets due to their own internal constraints and perceived trade barriers. Businesses have suggested that challenges with customs and compliance, distributors, intellectual property protection, financing, marketing, packaging and language barriers are some of the biggest barriers to becoming exporters.
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In co-operation with other agencies and professionals, the Trade Up series helps exporters with services and advice on topics that include: o o o o o o o o o
Basics of the commercial transaction Market research and finding overseas markets Trade financing Documentation Logistics Packaging Design Marketing One-on-one buyer meetings
Choose Oman More and more people are choosing Oman – it is a country that will open your eyes to new experiences and exciting possibilities. With opportunities across a number of sectors it could be the ideal opportunity for your business to grow and develop.
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For further information contact: The Public Authority for Investment Promotion & Export Development (Ithraa) PO Box 25, Wadi Kabir, 117, Sultanate of Oman. Tel: (+968) 24 62 33 00 Fax: (+968) 24 62 33 34 www.ithraa.om
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