A high-level trade and investment team is being led to Singapore by the Ministry of Commerce, Industry, and Investment Promotion.
Oman
The city of Muscat The recent trip to Singapore was led by His Excellency Qais Al Yousef, the Minister of Commerce, Industry, and Investment Promotion (MoCIIP). The purpose of the delegation was to engage in high-level discussions on trade and investment. In addition to engaging in highly productive discussions with various government and commercial entities such as the Ministry of Trade & Industry, Singapore Economic Development Board, and Enterprise Singapore, the delegation, which comprised representatives from the Ministry of Energy & Minerals, Ministry of Agriculture & Fisheries, Oman Investment Authority, the Public Authority for Special Economic Zones & Free Zones, ASYAD, OQ, and Fisheries Development Oman, also interacted with Singaporean investors seeking to enter or expand their operations in the Middle East.
You will be Interested on : Company Incorporation in Oman
As stated by Faisal Al Nabhani, the Director of International Cooperation and Trade Relations at MoCIIP, the visit attracted considerable attention, which was expected due to the international recognition that Oman’s economy has recently garnered. At the beginning of this year, Oman was ranked fourth globally in FDI Intelligence’s FDI Standouts Watchlist 2023. Additionally, the World Bank projected Oman to be the fastest-growing economy in the GCC in 2023, while the IMF predicted that Oman would have the highest economic growth rate in the Arab World in 2024.
This visit, occurring at a time when global attention is predominantly directed towards our nation and its economy, provides a remarkable occasion to further enhance the robust trade and investment connections we currently maintain with Singapore. The consequences and goals of Oman Vision 2040 were effectively demonstrated, highlighting the economic strategy that is propelling the nation’s development and prosperity. Al Nabhani commented that it is the aforementioned repercussions, specifically the distinctions brought about by Oman Vision 2040, that have garnered international respect for us.
Keep reading : Company Registration Service in Muscat Oman
According to the Director of the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP), Oman Vision 2040 has brought about significant distinctions, particularly in terms of the improvements made to Oman’s commercial regulatory and legislative framework as well as the introduction of several business-friendly initiatives. The Invest Oman Lounge, which aims to assist investors in establishing their operations, serves as a notable illustration of this. Additionally, the Invest Easy platform, a government portal for business registration, has achieved significant success. Since the introduction of the new licensing service in April 2021, it has issued a total of 351,000 licenses, with over 69,000 granted to international investors.
Oman and Singapore have established robust trading links, as evidenced by the notable growth in Oman’s non-oil exports to Singapore. Specifically, the value of these exports has risen from US$152 million in 2021 to US$214 million in 2022. There has been a notable increase of 40%. According to the presented data, Singapore holds significant importance as a market for Omani commodities, namely chemicals, iron, steel, machinery, plastics, and cosmetics. Singaporean consumers are renowned for their discerning preferences in terms of quality, and Omani companies are strategically positioned to cater to these preferences. There is a substantial possibility for expansion.
According to Al Nabhani, Singapore, despite its small size and population of around 6 million, presents an advantageous opportunity for Omani enterprises seeking to penetrate the very profitable trading bloc in Southeast Asia. This bloc comprises countries such as Thailand, Vietnam, Malaysia, and Indonesia, collectively accommodating a population of over 685 million individuals.
You will be Interested on : Business Setup Service in Muscat Oman
The purpose of the delegation’s visit to Singapore is to contribute to the overall objective of strengthening economic relations between Oman and various nations globally. This initiative aligns with the Ministry of Commerce, Industry, and Investment Promotion’s endeavors to attract foreign investment and facilitate the growth of non-oil exports. These efforts are aimed at promoting economic diversification, fostering new avenues for expansion, and generating favorable conditions for sustainable development.