Oman aims to stimulate economic growth, attract foreign investment, and generate diverse employment opportunities.

Oman is embarking on a transformative journey, driven by the ambitious goals of Vision 2040, to diversify its economy and achieve sustainable growth. Recognising the limitations of its relatively small domestic market and the inherent volatility of hydrocarbon dependence, the Sultanate of Oman is strategically positioning itself to harness the vast opportunities presented by global markets and an expanding network of free trade agreements (FTAs).

By actively promoting and developing its export capabilities, Oman aims to stimulate economic growth, attract foreign investment, and generate diverse employment opportunities, ultimately enhancing the prosperity and well-being of its citizens.

According to the Central Bank of Oman's annual report, the export sector has shown an improving trend despite global economic challenges. The data reveals significant progress in Oman's trade balance, which posted a surplus of RO 7,581.8 million in 2023. Total exports reached RO 22,690.4 million in 2023, with non-hydrocarbon exports amounting to RO 7,442.3 million, demonstrating the growing contribution of non-oil sectors to the economy.

Non-oil Omani exports have witnessed remarkable growth, accounting for 33% of total Omani exports at the end of the first half of 2024. The volume of non-oil Omani exports until the end of June 2024 amounted to approximately RO 3.575 billion, compared to RO 3.307 billion for the same period in 2023, reflecting an increase in export value of more than 8%. This positive trend underscores the effectiveness of Oman's diversification strategy and the growing competitiveness of its non-oil products in international markets.

Oman aims to stimulate economic growth, attract foreign investment, and generate diverse employment opportunities.

While Oman's current export portfolio showcases a commendable variety of products, ranging from minerals and metals to plastics, rubber, and foodstuffs, there lies significant untapped potential in transitioning towards higher-value goods and integrating advanced technologies into the production process. This strategic shift promises not only to boost export revenues but also to elevate Oman's competitive standing in the global marketplace, establishing the nation as a hub for innovation and quality.

The government is playing a proactive role in fostering innovation and technology adoption across various sectors, recognizing their crucial role in achieving this objective. Initiatives such as the establishment of Special Economic Zones (SEZs) with world-class infrastructure and attractive incentives, coupled with a strategic focus on energy-intensive industries, are designed to attract foreign investment and stimulate the growth of export-oriented enterprises.

These efforts are further complemented by significant investments in research and development, infrastructure development, and comprehensive skills enhancement programs, creating a conducive environment for technological advancement and innovation to flourish.

Recognizing the critical importance of efficient export flow for the overall development of the sector, Oman is prioritizing the streamlining of customs procedures, the optimization of logistics operations, and the enhancement of collaboration among stakeholders across the entire supply chain. Significant investments are being made in modernizing port facilities at strategic locations like Suhar, Duqm, and Salalah, expanding road networks, and implementing cutting-edge digital solutions to facilitate the seamless and efficient movement of goods.

To further accelerate the growth of its non-oil exports, Oman’s Ministry of Commerce, Industry & Investment Promotion (MoCIIP) has launched a new digital platform, www.exports.om. This initiative provides Omani businesses with the tools and resources they need to connect with global markets, streamlining export procedures and providing crucial support to fuel Oman's expanding global reach

More than just a website, "Oman Exports" serves as a dynamic and comprehensive hub designed to connect Omani businesses with the vast opportunities offered by international markets. Recognising that navigating the complexities of exporting can be challenging, the platform provides a user-friendly interface with a wealth of resources readily available.

Oman's main trading partners in terms of non-oil exports are Saudi Arabia, UAE, and India, representing significant shares of the total export volume. However, Oman is actively pursuing market diversification, targeting new and emerging markets in the Gulf region, East Asia, the Indian subcontinent, Africa, Europe, and China. This strategic approach aims to reduce reliance on any single market and enhance the resilience of Oman's export sector to global economic fluctuations.

Oman's export sector is at a pivotal moment, poised for a transformative leap. While addressing challenges like bureaucratic processes and SME financing is crucial, the government's commitment to innovation and infrastructure development lays a strong foundation for future success. By capitalizing on emerging sectors like minerals, chemicals, and food products, and by embracing technological advancements, Oman can solidify its position as a regional trade leader, creating a prosperous and sustainable future for its people.


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