Boost for SA, Oman trade relations

SOUTH Africa’s Minister of Trade and Industry, Rob Davies, who is hosting his Omani counterpart, Ali Bin Masoud Al-Sunaidy, yesterday attended the South Africa-Omani Business Forum in Johannesburg.

South Africa is seeking to boost trade with Oman.

Trade between the two countries has remained fairly consistent over the last five years and stood at R5.9 billion last year, with Oman enjoying a trade surplus of R4.7bn.

The Persian Gulf country has historically been dependent on oil, while South Africa’s economy has relied on its minerals.

Briefing the media, Davies said the two countries agreed on further co-operation in other sectors and have identified possible growth opportunities emanating from the fall in commodity prices, said Davies.

Exports from South Africa to Oman peaked at R978m in 2013.

The value decreased to R500m in 2015 and picked up again to R619m last year.

South Africa’s import value from Oman was at R5bn last year, compared to about R6bn in 2015, said Davies.

“Our exports have great potential though,” Davies said.

“Both our countries have been trying to diversify our economies and move up the value chain to create a solid base for sustainable economic growth in the future.” – ANA