Oman to become a regional hub for import and export: Report

According to international trade statistics, Oman’s imports stood at 8.954 billion rials in 2016.

The Dollar Business Bureau 

Oman has finished preparations for becoming a regional hub for exports and imports, after billions of rials of investment for the development of ports along the country’s coast line, according to a report.

The Sultanate has also finished the technical and legislative systems that would facilitate the work of exporters and importers and attract domestic as well as foreign investments, said a report by Oman News Agency.

Oman was one of the nations that is going to benefit from the restrictions put on Qatar by four gulf countries during a regional crises. One of the steps taken by the Arab nations is blockading the access of Qatar to their ports. 

However, Doha has mitigated the blockade effect by deciding early on to ship its consignments through Oman, bypassing the ports of Arab countries.

Lt Colonel Mansour bin Nasser Al Rahbi, Director, Bayan System at the Directorate General of Customs at the Royal Oman Police (ROP), said “They will effectively encourage importers and exporters to use Omani ports and attract foreign investments, thus enhancing the Sultanate's position and geographic location, and improving the performance indicators in various trade and economic fields at the international level.”

According to international trade statistics, Oman’s imports stood at 8.954 billion rials (around $23.25 billion) in 2016, the report said.

Exports of domestic products accounted for 8.376 billion rials ($21.7 billion) whereas the re-export of international goods valued at 3.024 billion rials, it added.

Oman’s Ministry of Commerce and Industry’s portal ‘Invest Easy’ is one of the programmes started by the country for facilitating the establishment of industrial and commercial projects and for supporting export and import activities.
Through its industrial and commercial ports, the Gulf nation seeks to become one of the top ten countries in global logistics performance by 2040, said the report.

The communications and transport sector will be the second source of national income for the country, it added.

The Dollar Business Bureau - Jul 28, 2017 12:00 IST