Latest news with #OmanChamberOfCommerce
Zawya
29-05-2025
- Business
- Zawya
Oman's presence at Expo Osaka to boost Japanese tourism
Undoubtedly, significant efforts have been made to ensure the country's participation in the international expo currently being held in Osaka, Japan. The expo began on April 13, 2025, and will continue until October 13, 2025. Several government agencies, along with the Oman Chamber of Commerce and Industry, have contributed to the financial cost of sponsoring Oman's presence at this global event, which is held every five years. Several government delegations have also contributed to organizing the expo and made official visits. Recently, an Omani trade delegation from the Chamber participated in this expo and some of its important activities. The Sultanate of Oman has consistently participated in this international event since the nineties of the last century. Its first participation was at the Expo International Exhibition in Madrid, Spain, in 1992. The expo's theme was "The Global Age of Transportation," given the importance of transportation in bringing peoples together and driving human progress. The expo highlighted the transformation of transportation from ancient maritime routes to modern technology, while also showcasing countries' innovations in infrastructure, railways, aviation, and telecommunications. However, the Japan Expo, held on the artificial island of Yumeshima in Osaka, Japan, is expected to attract millions of visitors, providing a unique global platform bringing together more than 160 countries and international organizations. Government institutions and the Oman Chamber of Commerce and Industry are keen to raise awareness of the importance of these international exhibitions. This requires organizing media trips to raise awareness and educate people about the importance of this event. This requires sending more media professionals to discuss this participation and its benefits at the national level, as well as ways to promote Japanese tourism to Oman in the coming years, given the large number of Japanese tourists who travel to various countries around the world annually. Japanese tourists are among the most organized and detail-oriented, and these traits are reflected in their spending patterns and preferred destinations. The average tourist from Japan spends on tourism for example, in Indonesia, around $1,462 per visit in 2022, and approximately $1,300 per visit to cities in the United States. Japanese tourists stay for extended periods, typically about two weeks in the United States, more than 18 days in France, 12 days in Indonesia, and five days in Korea. Now with direct flights between some Gulf cities, such as Dubai and Doha, and other cities in the region, attracting Japanese tourism has become easier. However, it requires companies that can convince the Japanese public to make these visits to Oman, for example. Japanese tourists also prefer group trips, especially older travelers, due to their need for rest and organization, while young people are also eager to experience unique experiences. In general, such international exhibitions provide a great opportunity for countries to promote their national identity and build their image by showcasing their cultures and creativity, which contributes to strengthening their image on the international stage. Through this participation, Oman will work to foster greater cooperation in achieving sustainable development goals, enhancing economic and trade cooperation, and benefiting from future innovations and technologies. This presence at Expo Japan represents a strategic opportunity to enhance its international presence, expand economic and cultural relations, and contribute to building a sustainable and interconnected future, in addition to significantly promoting Japanese tourism to the country. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
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
21-05-2025
- Business
- Zawya
FTA offers Omani exports competitive advantage
MUSCAT: The Omani Economic Association (OEA) convened a session of its Economic Council under the theme 'International Customs Policies and Their Impact on the Omani Economy,' focusing on the implications of global tariffs and the benefits of the US-Oman Free Trade Agreement. The session, held at Omantel's headquarters, featured His Highness Sayyid Dr Adham bin Turki Al Said, Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry; and Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher); and was moderated by Dr Khalid bin Said al Amri, Chairman of the OEA Board. Speaking first at the session, HH Sayyid Dr Adham said, 'Today's global developments are not spontaneous; they are the result of accumulated trends, accelerated post-COVID-19. The response came as a reaction to globalization, industrial nations began subsidising their exports. The US perceived Chinese export-driven production as a threat, prompting Trump to introduce a wave of tariffs, which ultimately hurt American consumers and companies. Still, there were positive outcomes, such as new free trade agreements with the US, understandings with the UK, and the reshaping of NAFTA, from which the US now benefits, despite spending more than it produces. These tariffs have attracted some industries back to the US.' He described Trump's approach as a "shock policy", stressing that the American market remains attractive. 'The US and China are clearly diverging. Despite the friction, the US remains reliant on Chinese investments. Tariffs are likely to remain, with Trump's main goal being economic recovery and job creation in the US,' he added. Speaking to the Observer, Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher), affirmed that the FTA between Oman and the United States remains in effect, ensuring that Omani products are exempt from standard customs duties. However, he clarified that the additional 10 per cent customs duty currently applied across all imports does affect Omani exports. 'The Free Trade Agreement (FTA) remains valid. Omani products exported to the US are not subject to standard customs duties, except for the additional 10 per cent applied across all imports. Negotiations are ongoing to address and potentially ease these charges,' he stated. Al Shuaibi emphasised that, despite this added tariff, the FTA continues to offer Omani exporters a competitive advantage in the US market, and discussions are underway to mitigate the impact of these new duties. Dr Khalid bin Said al Amri, Chairman of the Board of Directors of OEA, remarked, 'Ongoing economic disputes between the US and China continue to cast a shadow over the global economy. Former President Trump's decision to impose tariffs on over 60 countries, though delayed briefly, still impacts the global economy. With economic uncertainty prevailing, many countries are using tariffs as economic tools, a form of tax on imports.' He argued that such economic challenges can be viewed as opportunities rather than obstacles. 'They offer a chance to support national industries and encourage innovation, building a more resilient domestic economy capable of withstanding global fluctuations,' he said. He acknowledged the recent decline in oil prices and the drop in the Muscat Stock Exchange Index, but said, 'That doesn't mean we should stand idle. These global shifts must be used to facilitate trade in target markets, create new supply chains, expand and diversify markets, and develop new products. From such challenges, opportunities are born.'
Times of Oman
19-05-2025
- Business
- Times of Oman
Omani-Japanese Investment Forum explores means of boosting partnership
Tokyo: The Omani-Japanese Investment Forum, held on Monday in the Japanese capital Tokyo, reviewed opportunities for cooperation and enhancing trade and investment partnerships between the two countries. The event saw participation from representatives of the Ministry of Commerce, Industry, and Investment Promotion and the Ministry of Health, as well as business owners and investors from both nations. This took place during the visit of a delegation from Oman Chamber of Commerce and Industry (OCCI) to Japan, headed by Rashid Amer Al Maslahi, First Deputy Chairman of the Chamber's Board of Directors. In his speech, Al Maslahi emphasised the forum's importance in exploring potential trade and investment opportunities between the two countries, adding that the OCCI is keen to support and strengthen commercial cooperation between the Omani and Japanese markets. He noted that over the past fifty years, private-sector cooperation between the two countries has seen significant development, with bilateral trade growing by 7% in 2024 compared to 2023, reflecting the depth and strength of commercial relations. Oman's exports to Japan include crude oil, natural gas, aluminum, and fisheries products such as squid, tuna, and green beans, while imports from Japan consist of cars, machinery, electrical equipment, and vehicle spare parts. Al Maslahi added that the OCCI delegation's visit to Japan aims to empower the Omani private sector and explore promising opportunities in information technology, renewable energy, the circular economy, transportation and logistics, and manufacturing industries. For his part, Dr. Mohammed Said Al Busaidi, Oman's Ambassador to Japan, highlighted the significance of the Omani-Japanese Investment Forum in boosting trade and economic exchange, particularly in industry, advanced manufacturing, healthcare, food security, tourism, services, as well as renewable and traditional energy sectors. The event also featured several visual presentations on opportunities to enhance bilateral trade, Oman's investment climate, key incentives offered to investors across various economic sectors, and investment prospects in the healthcare sector, including major national projects. Additionally, the forum included a meeting between the OCCI First Deputy Chairman and head of the delegation with several Japanese companies interested in the Omani market, along with bilateral discussions, networking sessions, and business-to-business meetings between Omani and Japanese firms.
Zawya
12-05-2025
- Business
- Zawya
Oman: Challenges facing the Foreign Capital Investment Law discussed
Muscat - The Ministry of Commerce, Industry and Investment Promotion, in cooperation with the Oman Chamber of Commerce and Industry, organized a workshop to evaluate and review the Foreign Capital Investment Law, to enhance the investment environment and attract foreign direct investment. The session discussed the most prominent challenges and opportunities facing the implementation of the law, in addition to reviewing the incentives and facilities provided to investors to create quality job opportunities and expand the economic base, while working to close existing legal loopholes and attract more quality investments. The episode also reviewed many initiatives implemented over the past years, such as the opening of the 'Invest in Oman' lounge, the reduction of commercial registration fees for foreign investors, the abolition of the minimum capital requirement, and the Investor Residency Program, which provides special pathways to facilitate investor entry. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
