Ithraa welcomes Japanese trade delegation

MUSCAT, SEPT 2 – Ithraa, Oman’s inward investment and export development agency, yesterday welcomed a top-flight Japanese trade delegation headed by Kentaro Sonoura, Special Adviser to Prime Minister Shinzō Abe, at the Grand Hyatt Muscat Hotel. Discussions focused on how to increase trade and investment links particularly in tourism, logistics, aviation, energy, oil and gas. Talks also covered opportunities open to Omani businesses looking to improve commercial ties with Japan and further penetrate the growing and lucrative East Asian market.
Taleb al Makhmari, Ithraa’s Director-General for Marketing and Media, said: “The Oman-Japan trade and investment relationship has deep historic roots and Sunday’s meetings gave Ithraa as well as management from eight public sector organisations an excellent opportunity to strengthen ties with the world’s third largest economy.”
In addition to Ithraa, Sunday’s meetings included representatives from the Ministry of Tourism; the Ministry of Transport and Communications; ASAAS; the Public Authority for Electricity and Water; the Authority for Electricity Regulation; Sohar Freezone; the Public Establishment for Industrial Estates; and Oman Power and Water Procurement Company. “Promoting Oman’s attractiveness as a potential investment destination is key to what we do. And on Sunday, in partnership with public sector colleagues, we showcased leading local economic developments, talent and innovation in order to encourage partnership and investment from key Japanese players,” explained Al Makhmari.
A recent report from PwC revealed that more than half (54 per cent) of CEOs in Asia Pacific are planning new strategic alliances or joint ventures to drive growth and profitability in 2018. PwC’s annual CEO Survey also reported that a further 42 per cent are seeking new mergers or acquisitions, presenting significant opportunities for Omani businesses looking to grow through collaboration with Asia Pacific firms.
The Japanese economy continues to be healthy after two years of expansion. Economists forecast growth of 1.3 per cent, down from 1.7 per cent in 2017 and a rebound to 1.5 per cent in 2019. Growth will be supported by stronger production and exports, as well as faster wage gains.