Credit Oman promotes industries sector

MUSCAT: “Since its establishment in 1991 to limit the business and nonbusiness (political risks), the Export Credit Guarantee Agency (Credit Oman) has played an important role in serving Omani exports,” said Emad bin Saud al Harthy, Acting CEO of Credit Oman.

“It also provided a number of compensations for its customers and provided the Omani exports with access to the promising markets without any worries regarding the buyer’s failure to make payment. It also opened channels for dealing with new buyers and carrying out the commercial and non-commercial risks related to the buyer’s bankruptcy or failure to pay,” he said.

Despite the rapid economic developments and the political conditions in the market, Credit Oman is committed to enhancing the Omani products’ competitiveness at the local and foreign markets.

Credit Oman, a government-owned company under the Oman Investment Fund, supports the Omani product by promoting it to reach all countries of the world side by side with organisations operating in the same field.

“The Omani exports are mainly consumable products that are consumed within 6-12 months, such as foodstuffs (fish, dates and vegetables). Fish is exported to Mediterranean countries such as Cyprus, Greece, Italy and Spain, in addition to East Asian countries. The Sultanate exports building materials, such as steel and aluminium,” Al Harthy said.

As for the subsidy mechanism, he pointed out that Credit Omani provides the export insurance policy which reduces the risks that may face buyers during selling their products abroad. The policy provides the customer with the guarantees related to the buyers’ failure to pay or in case of non-commercial risks.