SALALAH, DEC 11
On a mission to empower Omani businesses to conquer global markets, the Oman Chamber of Commerce and Industry (Dhofar branch), alongside Credit Oman - the leading export credit agency of the country, hosted the ‘Salalah Workshop to Boost Omani Exports with Credit Oman Insights.’
Credit Oman’s Ahmed bin Hamdan al Farsi emphasized the importance of credit insurance for Omani exporters, highlighting its ability to mitigate both commercial and non-commercial risks, enabling them to sell confidently and securely. He presented Credit Oman's various services, including local credit insurance, export credit insurance, and multi-buyer policies, explaining their role in enhancing Oman's export system.
Aspiring exporters actively participated in the workshop, gaining invaluable knowledge and tools to navigate the ever-evolving landscape of international trade. Key themes explored included:
• Demystifying the Omani Export System: Participants received a comprehensive overview of the current export framework, encompassing regulations, procedures, and available support mechanisms, ensuring they are well-equipped for smooth operation.
• Harnessing Credit Oman's Expertise: Attendees were exposed to Credit Oman's diverse range of insurance products, strategically designed to mitigate trade risks and safeguard exporters from payment uncertainties.
• Proven Strategies for Export Success: Renowned experts shared practical insights and industry best practices, empowering businesses to develop winning strategies for conquering the global marketplace.
• Fostering Meaningful Connections: The workshop provided a fertile ground for participants to network with industry leaders, government officials, and potential collaborators, paving the way for valuable partnerships.
This initiative coincides with Credit Oman's remarkable achievements in 2022. The agency achieved a significant 148% increase in its total insured sales volume for exports and local sales, reaching a value of RO 333.2 million. This impressive growth was fueled by a 135% surge in insured export sales (RO 187.8 million) and a 174% increase in insured local sales (RO 145.4 million).
Furthermore, Credit Oman recently announced an 8% growth in insured Omani exports and domestic sales for Q3 2023, with a total value of RO 259 million. This upward trajectory reflects Oman's thriving economy, driven by effective government initiatives and Credit Oman's innovative insurance services supporting local businesses. Notably, the food and consumer goods sector led the charge in insured sales, followed by the petrochemical and plastic sector, which witnessed a remarkable 281% growth.
Despite slight declines in the clothing and packaging sectors, Credit Oman says it is committed to bolstering the Omani export system and empowering local businesses. The Salalah workshop aims to equip Omani exporters with the necessary tools and knowledge to confidently enter the global arena and achieve lasting success.
Oman Observer is now on the WhatsApp channel. Click here
