Ithraa delegation kicks off Singapore trade talks
July 20: A top flight Omani business delegation led by Ithraa, the Sultanate’s inward investment and export promotion agency, kicked-off trade and investment meetings on Monday in Singapore.
Nasima Yahya al Balushi, Ithraa’s Director General for Export Development, is leading the 42-strong delegation: “We’ve identified over 50 Oman-made products that have the potential to succeed in Singapore. In this regard, we’ve brought 33 leading Omani exporters with us on this important trade delegation. Exporters that are globally ambitious and eager to make a commercial impact in Singapore and surrounding markets.”
The Ithraa Director General went on to add: “We’re here to discuss ways in which we can capitalise on the GCCSingapore Free Trade agreement and get more Omani exports into Singapore. Our objective is straightforward, we’d like see more Oman-made products not just on the shelves in Singapore but also in other growing Asean markets.”
The Asean market has a combined population of 628 million and a nominal GDP of more than $2.5 trillion and is set for robust expansion. According to the IMF’s latest forecast, the Asean-5 — Indonesia, Malaysia, the Philippines, Singapore and Thailand — will grow by 5.5 per cent a year from 2016 to 2020, compared with 1.9 per cent a year for advanced G7 economies.
“The growth of the Asean-5 economies is of significant interest to Omani manufacturers. The region’s emerging middle class is looking for top quality, affordable, imported goods. In this regard, Omani exporters who excel in the mid-to-high-end market are extremely well placed to meet this growing demand,” explained Nasima al Balushi.
One leading Omani exporter keen to capitalise on its long-standing trading relationship with Singapore is Yasir al Ajmi of Al Ajmi Marble: “Singapore was one of the first countries we exported to and today offers marble companies like ours excellent access to the growing markets of the Far East. We are excited about what can be achieved on this visit.”
Rapid industrialisation, healthy gains in GDP, a growing population, surging infrastructure development, expanding urban population, robust construction activity along with increased spending power and the subsequent rise in demand for residential and commercial property, particularly in regional powerhouses such as Singapore, all represent outstanding export opportunities for companies like Al Ajmi Marble.
Estimated at $103 million, non-oil Omani exports to Singapore jumped 10.5 per cent in 2015. Top exports from the Sultanate included methanol, fish, marble and fragrances.
Under the auspices of Shaikh Zakariya al Saadi, Oman’s Consular General to Singapore, Ithraa will hold B2B meetings on Wednesday at the Marina Mandarin Hotel to showcase Oman’s manufacturing, pharmaceutical, food processing, marble and stone, chemicals, plastics, and agriculture and fisheries sectors.
Shauwn of Nehad Agronomy Services LLC, a leading Omani vegetable and cut flower producer said: “Singapore’s excellent ports and shipping industry are major advantages in terms of logistics, especially when it comes to moving perishable products like fruits, cut flowers and vegetables. Ithraa has put in a lot of hard work to help companies like ours set-up B2B meetings with potential Singapore business partners. It is now up to us to unlock the market.”