New initiatives to boost Omani export markets

MUSCAT, NOV 3

The Oman Vision 2040 Implementation Follow-up Unit, in collaboration with the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), continues to build the underpinnings of a robust system to drive Omani exports, as well as open up new export markets globally.

According to the latest report of the Unit, some of these initiatives are in various stages of development and implementation, while others are being prepped for launch in the near future.

Notable is the Oman Exports Platform initiative, which is essentially a specialized foreign trade centre serving as a one-stop shop to enhance the business environment related to import and export operations.

Part of its remit is to boost foreign trade growth by improving export and import efficiency, facilitating access to international markets, and creating new opportunities for import-export ready companies. Additionally, the platform aims to improve local policies and procedures related to foreign trade, thereby enhancing local and global indicators related to this sector.

Yet another initiative mooted by the Unit centres on the development of a comprehensive electronic Export & Import Guide outlining efforts by various government and public sector agencies to facilitate export and import procedures.

Similarly, suitably trained and qualified Omani companies will be encouraged to register on popular e-commerce platforms with the goal of promoting their products. The ‘Tadreeb’ training initiative aims to expand the scope of the Oman Exports Platform to include exporters with the goal to enhance their access to international markets.

Also on the anvil is a Global Export Promotion Initiative that aims to target new export markets by entering into new trade agreements and participating in international exhibitions and forums, according to the Oman Vision 2040 report. It calls for identifying potential target markets, as well as integrating the ‘Incentives for Exporters Initiative’ to provide facilities for increasing exports and import substitution.

“The expected impact is to increase access to global markets by identifying potential target markets for exports, qualifying exporters to suit these markets, improving global and local indicators related to exports, and attracting foreign investments in local institutions,” the report stated.

Importantly, Exporter Training and Empowerment is a key part of these initiatives. It espouses the need for Omani companies to increase their competitiveness in order to enter global markets. To this end, specialized training programmes and workshop will be organised with a focus on three key factors: market analysis, product journey, and exporter journey.

For its part, the Ministry of Commerce, Industry and Investment Promotion has pledged to develop a comprehensive Omani Export Development Strategy to identify target markets and promising products, along with the formulation of incentives to support Omani companies in increasing their export capacities. In particular SMES will be mentored to export their products, thus enhancing the diversity and expansion of Oman›s export base.