By A Staff Reporter - MUSCAT — Helping increase non-oil Omani origin exports is a major goal for the Public Authority for Investment Promotion and Export Development. And through a series of market studies it has identified India as a major target market for non-oil Omani exports.
According to the Authority’s Acting Director-General of Export Development, Faris Nasser al Farsi, an India Market Study Seminar was held in Muscat in late 2010. This was followed by a series of highly successful business matchmaking events in Mumbai and New Delhi, organised in co-ordination with the Omani Embassy in India, the Confederation of Indian Industry (CII) and New Delhi-based Avalon Consulting.
Following on from the Oman-India meetings, a further Mumbai matchmaking event is being organised by the Authority for October 20, 2011. An Omani delegation of 15 businessmen will participate in the Mumbai matchmaking sessions and will meet with over 40 Indian businesses.
Al Farsi stated that the Indian market study highlighted multiple commercial opportunities for non-oil Omani exporters. “The Authority’s study shortlisted 21 Omani products estimated at RO 9.62 billion. Flexible packaging films, polypropylene, plastic pipes, edible oil and marble accounting for 55 per cent of the 21 shortlisted products,” Al Farsi said.
India’s demand for many of the short-listed products is expected to grow at a compounded annual growth rate of 7 to 15 per cent.
“The demand is being driven by large Indian government projects, increased disposable income and changing demographics,” remarked Al Farsi.
The Sultanate’s non-oil exports to India have grown rapidly over the past five years from RO 70 million in 2005 to RO 323.4 million in 2010 registering a compounded annual growth rate of 36 per cent.
Analysis of trade between the two countries indicates that urea dominates Oman’s non-oil exports to India. Within the remaining non-urea segment, Oman’s non-oil exports include aluminium ingots, polypropylene, methanol and dates.
Al Farsi added: “Oman’s strategic, geographic position and long history of friendly relations with India will undoubtedly help develop stronger and deeper business ties between the two nations.”
The Authority’s Acting Director-General of Export Development concluded: “High-profile business matchmaking events is one mechanism that we’re using to increase Oman’s non-oil exports to India. Moreover, this kind of activity will also help raise awareness in India of inward investment opportunities that exist in the Sultanate.”
Source : main.omanobserver.om