Fourteen high-profile Omani exporters are participating on a four-day Ithraa-led trade delegation to India that will take in New Delhi and Mumbai.
The visit began on Monday in New Delhi with a business seminar and B2B meetings with Indian importers, agents and manufacturers all in an effort to develop new business opportunities and strengthen existing trade and investment ties in food processing, petrochemicals and plastics.
India is one of the fastest growing economies in the world and has emerged as a key destination for foreign investors and exporters in recent years. According to the International Monetary Fund (IMF), India will grow by 7.5% this fiscal year (which ends March 2016), faster than China over a similar period.
“India has always been on Ithraa’s investment and export radar. Its strategic and geographic location, entrepreneurial business culture, historic trading ties with the sultanate and fast growing economy provides significant potential for Omani exporters,” remarked Mr. Ayman Al Hasani, Vice Chairman, Oman Chamber of Commerce & Industry and Ithraa Board Member.
Accompanying the trade delegation, Mrs. Nasima Al Balushi, Ithraa’s Director General of Export Development,pointed out that the “key objective of the mission is to introduce our New Delhi and Mumbai hosts to a range of high quality, Oman-made products. Today, goods made in Oman are sold in 136 countries and enjoy a strong international reputation for quality and luxury. Indeed, the Omani companies participating on this trade visit are looking to explore the incredible commercial opportunities on offer in India.”
Mr. Ibrahim Al Hoqani of Nizwa Food Industries, and a delegate on the New Delhi and Mumbai visit remarked “we are grateful to Ithraa for organizing this important export initiative. The B2B meetings are a perfect opportunity for us to meet with potential buyers as well as get a better understanding of the consumer trends driving India’s food sector. Visits like this are invaluable to Omani businesses looking to penetrate the growing Indian market.”
Ultimately, Oman’s non-oil export success depends on entrepreneurial, competitive and outward-looking companies. “To realize our potential there here has to be a focused and collaborative approach from Government and the business community ensuring we are united in taking every opportunity to support Omani exporters in markets such as India. Thistrade mission is a great example of public-private collaboration.”
Companies participating on the Ithraa-led trade mission are: Oman State General Reserve Fund; Sohar Port & Free Zone; Public Establishment for Industrial States; Bright Sun Dates Production; Nizwa Food Industries LLC; Sea Pride LLC; Modern Diary Factory; Al-Bahja Group of Companies; Sohar Sulphur Fertilizer LLC; Techno Plastic Industry; Poly Products; Al-Tuhami Group LLC; Taghleef Industries SAOC; Al Shamal Plastics and The Modern Stitch Enterprise.
As a follow-up to the delegation’s visit to New Delhi and Mumbai, Ithraa will organize an investment forum with Indian businesses in Muscat, 12 – 13 October 2015.
“The Oman – India Investment Forum will help deepen our partnership for the long-term. Indeed, huge opportunities exist for Indian companies to set-up and grow in Oman,” concluded Ithraa’s Director General of Export Development.