Oman, German export credit agencies explore cooperation

Muscat: Credit Oman, the Sultanate’s leading national institution in credit insurance, recently held a high-level meeting with the Export Credit Guarantees of the Federal Republic of Germany to explore avenues for joint cooperation in export credit insurance and the provision of credit protection for exporters. This strategic engagement aims to serve the mutual economic interests and strengthen the bilateral trade relations between the Sultanate of Oman and the Federal Republic of Germany.

The meeting was attended by Haitham bin Abdullah al Yaqoubi, Acting CEO of Credit Oman, and Eva Steinhaus, the Regional Representative of the German Export Credit Agency for the Middle East and North Africa.

During the session, both parties reviewed prospects for a strategic partnership and discussed developing operational mechanisms to ensure the sustained growth of the credit insurance sector. A significant portion of the dialogue focused on empowering companies to penetrate global markets by providing integrated credit guarantees that effectively mitigate the risks of non-payment.

The discussions further addressed the current geopolitical and economic challenges and their direct impact on global supply chains, with both sides stressing the importance of innovating flexible financing and insurance solutions to navigate these shifting variables. Furthermore, the two agencies highlighted the necessity of enhancing the exchange of credit information and corporate data, a move expected to significantly improve the accuracy of risk assessments and facilitate more informed credit decision-making processes for both institutions.

Concluding the meeting, both entities reaffirmed their commitment to exchanging technical and professional expertise while unifying efforts to open new horizons for Omani and German exporters. This collaborative approach is set to enhance the volume of bilateral trade and support the long-term sustainability of economic growth in both countries, ensuring a more secure and resilient environment for international trade operations.