Muscat: The value of the Omani e-commerce market is expected to grow at a compound annual growth rate of 9.8 per cent from 2023 to 2027 to reach a market size of $3.27 billion, according to Dr Saleh bin Said Masan, Under-Secretary of the Ministry of
Commerce, Industry and Investment Promotion for Commerce and Industry. Speaking at the 1st Omani E-Commerce Forum on Monday, held on the sidelines of COMEX 2024, the Under-Secretary highlighted the economic significance of ecommerce, and its potential to drive economic diversification.
Furthermore, he shared that globally, the volume of global e-commerce sales reached $5.8 trillion in 2023, with a projected growth rate of 39 per cent due to the increased use of internet and smartphones, developments in financial technologies, and the expansion of online sales.
To this end, the Ministry, in collaboration with several public and private sector partners, launched a National E-Commerce Plan in 2022.
“The plan focuses on several key areas, notably updating legislative frameworks, communications, transportation and logistics services, establishing an e-commerce complex, building national skills and capabilities and intensifying awareness and guidance,” he shared.
“These areas are distributed across 30 initiatives supporting the plan, implemented by various supporting partners. By the end of 2023, 46 per cent of the plan had been achieved with the completion of 14 initiatives, while 17 initiatives are still in progress.” Azza al Kindi, Director of the Department of Commercial Affairs and Ecommerce at the Ministry of Commerce, Industry and Investment Promotion, shared that the Sultanate of Oman is currently positioned to become a regional ecommerce centre.
In her keynote speech, she unveiled that the in cooperation with countries of the Gulf Cooperation Council, Oman is expected to become a logistics centre of ecommerce with an eye on re-exports to the East Africa region.
Last September, the Ministry of Commerce, Industry and Investment Promotion launched the first regulatory framework, under Ministerial Decision No 499/2023, mandating individuals and commercial establishments to acquire an e-commerce licence before offering the service.
According to officials, the number of licences granted reached 3,316 until the end of April of 2024.
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