Business delegation underlines Salalah for Indian investment
- Oman: Wednesday, March 13 - 2013 at 15:33
- PRESS RELEASE
A high level business delegation from Oman was well received by over 130 representatives of the business community in industrial hub of Pune, near Mumbai, India, in a seminar entitled "Opportunities in Oman for your Gulf and US Business".
Pune, which is located about 180 kilometers from Mumbai, is the largest auto center in India with over 4,000 manufacturing units catering to both the domestic market and a significant share of the $6.8bn exports of automobile engineering and parts from India. Pune is also one of the important Information Technology centers of India.
By taking advantage of the Salalah Hub incentives, location and connectivity available by air, land and sea, Pune's companies set up at the Salalah Freezone adjacent to the Port of Salalah could reduce their supply chain transit times to major destinations in the GCC and Asia by 28%, its haulage time to the port by 95%, and at a 71% lower trucking cost.
The speakers also demonstrated that medium-sized company companies set up in Salalah would benefit from a reduction in working capital requirement by up to $9.5m annually, while the concessional duty structure under the US-Oman Free Trade Agreement could potentially save the Indian auto exporters up to $45m annually.
The Maharatta Chamber of Commerce Industries and Agriculture (MCCIA), organizers of the seminar and the premier industrial association for promoting trade and development in Pune, said that many of the attendees expressed an interest to visit Oman to view the facilities and meet relevant local companies and government officials to explore other cross border opportunities by utilizing the Port of Salalah and Salalah Free Zone as a springboard to cover the emerging markets in of East Africa, India and GCC from a single location.
MCCIA estimates that companies established in Pune expect to report a total of circa $8bn in revenue from 2012 operations, adding that the distinct advantages of Salalah's business environment for manufacturing and logistics such as low cost financing, tax concessions, strong infrastructure and a young workforce, increased the appeal for foreign investment into Oman.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.