PEIE's Smart Manufacturing tackles credit crunch

Held under the patronage of HE Maqbool bin Ali Sultan, Minister of Commerce & Industry, over 150 delegates drawn from domestic and international manufacturing are expected to gather to hear from successful Oman-based companies that include: Reem Batteries; Majan Glass Company; Oman Cables; Al Mudhish; Sweets of Oman; Arrow Logistics Services; Oman Textile Mills; Al Jazeera Steel Products Company; and Oman Polypropylene.

"This year's Smart Manufacturing Conference comes at a very important time."

suggests PEIE's Marketing Director, Ibtisam Al Faruji.

"Given the current turmoil in financial markets we're seeing manufacturers right across the globe being hit by muted demand, weakening activity in key export markets, elevated energy and commodity prices and tight credit conditions. Despite these concerns, local firms are forging ahead with investment in production facilities. Indeed, many Omani manufacturers are now niche players as most have adapted to years of intense global competition. They've put a lot more focus on innovation and design, and getting into niche markets where they don't have to compete just on price."

remarks Al Faruji.

Given the global economic slow-down, Smart Manufacturing 2008 offers manufacturers a real opportunity to learn how others in the domestic and international market are coping with the realities of a potential global recession.

"Given that we've over 45 presenters from Europe, Asia and the Middle East participating we firmly believe that delegates will gain valuable insight that will make a marked difference to their businesses and help them prepare for what we expect to be a bumpy 18 months or so."

adds PEIE's Marketing Director.

"We have to be careful not to paint too black a picture and talk ourselves into something far worse than what we've weathered before."

says Cambridge University economist, Michael Kuczynski, and Smart Manufacturing's keynote speaker.

Adding:

"it may be another 18 months or two years before we see this current economic scenario bottom out, it's not something that we can recover from overnight. Most certainly confidence needs to be restored to get the global economy back on a growth track. On a more positive note, it's important to point out that there are Omani manufacturers who are continuing to do well by trading in the Middle East, Africa and the Far East despite the credit crunch."

says Kuczynski.