Trade guarantees drive export confidence in Oman

SUHAR: The Ministry of Commerce, Industry and Investment Promotion, in partnership with Credit Oman, has held a specialised programme on international trade guarantee instruments in Al Batinah North Governorate, underscoring efforts to build stronger understanding of tools that support safer and more efficient global trade.
The initiative aims to equip government officials and private-sector employees with the knowledge needed to navigate international trade instruments that underpin trust between trading partners, ease the flow of goods and services across borders, and mitigate commercial risks. The event, held under the auspices of Shaikh Mohammed bin Sulaiman al Kindi, Governor of Al Batinah North, opened with remarks from Saeed bin Rashid al Balushi, Director of the Investment Promotion Department, who highlighted the importance of familiarising Omani exporters with the conditions, mechanisms and benefits of trade assurance tools. He said the programme contributes to strengthening export readiness through improved compliance with global standards, ultimately supporting the competitiveness of national products abroad and aligning with Oman Vision 2040 focus on economic diversification and a more efficient business environment.
Haitham bin Abdullah al Yaqoubi, Acting CEO of Credit Oman, reaffirmed the organisation’s commitment to advancing Oman’s economic development by expanding export capacity and safeguarding local manufacturers from both commercial and non-commercial risks. He noted that Credit Oman continues to provide a wide suite of insurance solutions designed to enable Omani companies to enter international markets with greater confidence.
The programme featured a detailed presentation on enhancing the Sultanate of Oman’s export ecosystem, emphasising the vital role of credit insurance in reducing exposure to default risks and improving access to overseas buyers.
Participants also took part in a panel discussion addressing the challenges faced by Omani exporters, the role of insurance in overcoming market entry barriers, the importance of letters of credit in facilitating trade and the relevance of international commercial terms. The discussion reinforced the significance of structured financial and legal frameworks in strengthening Oman’s global trade presence. — ONA