Welsh firms tap investment opportunities

Representatives of a group of companies from Wales are currently on a visit to the Sultanate exploring investment opportunities in the country.

Eight companies from a cross section of trade sectors such as technology, FMCG, professional services and manufacturing sectors were hosted by the Oman Chamber of Commerce and Industry (OCCI) on Monday.

The meeting provided them with an opportunity to network with their Omani counterparts and were briefed by Qais bin Mohammed al Yousef, Chairman of OCCI.

“The high-level UK trade delegation is in Oman exploring opportunities of mutual cooperation and trade relations, thanks to the Sultanate’s policy of attributing great importance to bilateral trade relations,” Qais told the Observer.

Phil Taylor, Regional Manager, Middle East and North Africa (Mena) region, said the visit of the group of companies is part of the Welsh government’s efforts to strengthen ties and forge new trade links with Oman.

“The government is supporting eight businesses during the trade mission to Muscat,” he said.

During the three-day mission, they also attended a number of meetings and receptions, as well as one-to-one meetings with Omani counterparts.

Oman and Wales have a long-standing trade partnership, and further developing this relationship is a priority for the Welsh Government.

Between 2013 and 2018, exports of goods from Wales to the MENA region reached a cumulative total of £5.8 billion. More widely, the UK is the largest source of Foreign Direct Investment (FDI) in Oman by a considerable margin, with its investment accounting for 45 per cent of total FDI.

“This trade mission will provide an ideal platform for eight innovative Welsh businesses to build on existing links and establish new partnerships. Oman is a fast-growing market which offers opportunities for Welsh businesses across a variety of sectors, ranging from technology and manufacturing through to creative industries and food and drink,” Eluned Morgan, Minister for International Relations, Government of Wales, added.

The delegation held one-on-one meetings with the Omani companies. The Welsh trade delegation will be travelling to Kuwait on Monday where the mission will begin with a business networking reception, and run till October 10.