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Zawya
27-05-2025
- Business
- Zawya
Oman, East Africa explores investment opportunities
Muscat: The two-day Oman-East Africa Business Forum and East Africa Trade and Investment Exhibition 2025, organised by the Oman Chamber of Commerce and Industry in collaboration with Global Digital Technologies, began on Monday at St Regis Resort, Muscat. The forum and exhibition present the opportunity to exchange insights, explore investment opportunities, and establish trade partnerships that will help boost commercial exchange and diversify sources of income, in alignment with Oman Vision 2040 and the economic development goals of East African nations. Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said that hosting the forum and exhibition stems from the strong belief in the importance of building effective regional partnerships that contribute to sustainable development and open new avenues of cooperation in promising key sectors, including trade and investment, renewable energy, sustainable development, education and human capital development, fintech and digital transformation, infrastructure and logistics services, agribusiness and food security, and innovation. "The Omani–African relationship is not a product of today; rather, it is deeply rooted in history. Oman has been connected with East African nations through strong cultural and trade ties for centuries, during which commercial and knowledge exchanges flourished, fostering human and economic relationships that laid a solid foundation for long-standing cooperation. Today, we affirm that these relations are entering a new phase of growth and integration, guided by a clear vision for a shared economic future, backed by sincere political and diplomatic will, and driven by the private sector on both sides," Al Rawas said. Richard Ngatia, President, East Africa Chamber of Commerce, Industry and Agriculture, said that East Africa is a dynamic region of over 400 million people with a population whose average age is around 22 – a huge asset in terms of human capital and market potential. Collectively, he pointed out that the economies have a GDP exceeding $300 billion and are growing steadily. "We are investing heavily in infrastructure and technology. New railways, expanded ports and widespread 4G/5G connectivity are opening the region and lowering the cost of doing business. Major multinationals have established regional hubs in East Africa, reflecting global confidence in our stability and potential. Ongoing reforms and regional integration efforts are further improving the business climate. In short, East Africa offers a youthful market, an improving business climate, and a strong commitment to openness – fertile ground for investment across many sectors," he said. Agriculture is the backbone of East Africa's economy, employing the majority of the people and contributing a large share of GDP. The region's lands produce crops and products such as tea, coffee, flowers, beef, avocados, frankincense (in Somalia), and more, that bring in much-needed foreign exchange. East Africa exported over 500 million kilogrammes of tea last year, with Kenya alone earning about $1.5 billion. Yet farming is often small-scale and rain-dependent, leaving the sector vulnerable to droughts and climate change, the chairman pointed out, adding, "Investment opportunities include irrigation and water management systems to support year-round farming, reducing dependence on unpredictable seasonal rains, and investing in machinery, storage and post-harvest processing technology to enable larger-scale, more efficient farming and cut post-harvest losses." "To truly prosper, East Africa must export finished goods, not just raw materials. Manufacturing today contributes only around 11% of our GDP and has stagnated – but we are determined to change that by attracting investment and diversifying our industrial base. Opportunities in manufacturing range from everyday consumer products to processed goods demanded by East Africa's growing middle class and across the region," he explained. In Rwanda, for instance, one can register a new business and obtain all required licences in a single day. Such reforms lower barriers to entry and encourage new factories. He said another asset of East Africa is its abundant mineral resources, from gold and gemstones to strategic 'green economy' minerals like cobalt and rare earth elements. The Democratic Republic of Congo, now part of the EAC, is the world's largest cobalt producer and holds huge reserves of copper, gold, diamonds, and other minerals. Tanzania is also a producer of gold, diamonds, and the rare tanzanite, while Uganda and Rwanda are exploring new deposits of lithium and tantalum. Burundi offers notable opportunities in gold, nickel and cobalt mining. South Sudan's emerging oil industry is holding significant reserves. "Yet much of this mineral wealth remains underdeveloped due to infrastructure and investment gaps. As global demand for critical minerals soars, East Africa's mining sector is poised for a transformative boom," he explained. Opportunities in mining include developing mines and processing facilities for high-demand resources such as cobalt, lithium, graphite and other battery metals essential to electric vehicles and renewable energy technologies. He said East Africa has emerged as a leader in fintech and digital innovation on the continent with examples such as Kenya's M-PESA mobile money platform, revolutionising financial transactions. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
15-05-2025
- Business
- Zawya
Oman opens trade office in US
Washington, US – The Oman Chamber of Commerce and Industry (OCCI) inaugurated the Omani Commercial Office in the United States during a ceremony held at the Sultan Qaboos Cultural Center in Washington, DC. The event was held under the patronage of H E Talal bin Sulaiman al Rahbi, the sultanate's ambassador to the US. The Omani Commercial Office in the US aims to support Omani exports to the American market, promote the import of high-quality US goods, attract American investments into Oman, and enable Omani companies to expand into US markets and strengthen bilateral trade partnerships. The office will also play a pivotal role in coordinating trade delegations, organising business meetings, and providing advice and consultations on how to leverage the Free Trade Agreement between Oman and the US. Additionally, it will issue economic reports to support decision-making in export development and mutual investment. H E Faisal bin Abdullah al Rawas, Chairman of OCCI, said that the opening of the trade office in the United States is a significant strategic step towards empowering the Omani private sector and enhancing its presence in global markets. He noted that it aligns with OCCI's broader efforts to expand trade and investment opportunities and to establish direct communication channels with major global economies. 'We hope that the trade office will contribute to supporting Omani exports, attracting quality investments, and providing an effective platform for enhancing trade exchange between the business communities of both countries. It will also facilitate the exchange of information on regulatory procedures for Omani products entering the US market, which will positively impact the growth of the Omani private sector and its contribution to achieving sustainable economic development,' said H E Rawas. For her part, Ibtisam bint Ahmed al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, explained that the launch of the Omani Commercial Office in the United States falls within Oman's strategic objective to increase the flow of foreign direct investment and its contribution to the national economy. She indicated that this move aims to offer broader opportunities for American companies to enter the Omani market and benefit from the competitive business environment the sultanate offers. She emphasised that the establishment of the office is part of a wider plan to expand Oman's foreign representative offices in key international markets, in order to bolster its global presence and intensify investment and trade promotion efforts. 'The US market is one of the most important commercial partners for Oman, particularly in light of the Free Trade Agreement between the two countries, which paves the way for greater trade facilitation and qualitative investment opportunities. This office will enhance access to commercial data and opportunities,' Farooji added. H E Talal bin Sulaiman al Rahbi, Ambassador of the Sultanate of Oman to the United States, described the office as a new milestone in the commercial relations between the two nations. 'This office is not merely a commercial representation designed to support Omani companies in the US market, but also an effective platform for direct engagement between the business communities of both countries. It serves as a gateway to broader cooperation and trade exchange, particularly in key sectors such as industry, technology, and clean energy,' he said. Amy Han, Director of the Omani Commercial Office in the United States, explained that the office offers specialised services and strategic support to investors and exporters from both nations. 'It aims to build effective trade links, support bilateral business growth, and facilitate market access by organising economic events, providing professional consultations, and promoting Omani products that meet the standards and requirements of the US market.' She also noted that the office's digital platform will serve as an integrated information hub, offering analytical insights, reliable data, and quality resources tailored to various business sectors. This will support decision-making for companies and investors, while providing an interactive environment that fosters growth and expansion. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
