MUSCAT, FEB 26
The Omani-Japanese Business forum took place yesterday in Muscat under the aims of enhancing trade and economic cooperation between the two nations.
The forum is a collaboration between the Japanese Embassy, the Japanese Ministry of Economy, Trade and Industry, the Japan Cooperation Center for the Middle East, the Chamber of Commerce and Industry and the Ministry of Commerce, Industry and Investment Promotion.
Chairman of Oman Chamber of Commerce and Industry, Faisal bin Abdullah al Rawas, shared, “We, as representatives of the Omani private sector, are interested in establishing economic relations with all countries of the world. These meetings contribute to drawing a road map for trade and investment relations between the Sultanate of Oman and Japan.”
“By conducting this forum, we are hoping to enhance trade and business relations between Japan and the Sultanate of Oman, as there are many areas and sectors that can be improved and developed between the two friendly countries.”
“We assure you of the interest of the Oman Chamber of Commerce and Industry in providing all facilities that will develop trade relations between the two friendly countries.”
According to Al Rawas, the volume of the trade exchange between the two nations amounted to $4.6 billion in October 2022 as the value of Japanese imports to the Sultanate of Oman exceeded $938 million, while Omani exports to Japan exceeded $3 billion.
Masatoshi Sugiura, Deputy Director-General at the Japanese Ministry of Economy, Trade and Industry, shared, “Oman has been a long-standing key partner for Japan, we enjoy a mutually beneficial and complimentary relationship. Oman has supported Japan’s economic growth and people’s daily lives through its stable supply of oil and gas to us, while Japan has contributed to many projects in Oman by providing financing and technology.”
Additionally, Sugiura highlighted the significance of this forum, a first of its kind in three years due to travel restrictions caused by the Covid-19 pandemic.
“As you know had a gap period of bilateral visits due to the pandemic, and now we resumed [them] , it is crucial for businesspeople to travel and interact with one another.”
Adding, “we have already established a long-standing relationship within the oil and gas industry, but with this mission, we hope we can develop new areas such as new energy, green hydrogen and ammonia and also the other areas such as food, healthcare, tourism, fishery and [more]. We would like to expand the scope of our economic cooperation and relations.”
In his guest speech, Japanese Ambassador to the Sultanate of Oman, Jota Yamamoto, discussed the changing attitudes towards business models in the country.
“For decades... Japan has cherished the business model of “Made in Japan” and, through foreign direct investment overseas, “Made by Japan”, trying to grip and control the entire supply chain both domestically and internationally.”
“Now we identify a lot of risks and uncertainties, and at the same time, the effect of globalisation has become a basic premise, then we are now more attentive to stability and durability while ensuring division of labour beyond borders.
If Made in Japan or Made by Japan tradition, as combined with B to C context, is somehow fragile to external uncertainties and changes, and pandemic clearly tells us, yes, this is the case, we may perhaps need to seek and combine another adequate approach.
I call it Made of Japan style, as we grip only the critical part of the entire supply chain with our cutting-edge parts & materials, advanced technologies and well-established know-hows, and cherish the value of division of labour. How to minimise the unforeseen risks and how to assure the business stability and sustainability, that is the point.”
Adding “Getting back from pandemic to normalcy, the Sultanate of Oman announces ambitious but convincing business strategies, policies, programmes, projects, contracts week by week, or, almost day by day.”
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