Sunday, January 29, 2023 | Rajab 6, 1444 H
light rain
19°C / 19°C

Promising potential for enhanced economic ties between Oman and Brazil

No Image

The Sultanate of Oman envisions significant potential to boost trade and economic relations with Brazil. Talal al Rahbi, Oman’s new ambassador to Brazil, said he would intensify efforts to expand bilateral trade and investment between the two countries.

Following a visit to the Arab Brazilian Chamber of Commerce (ABCC) in Sao Paolo on Friday, Al Rahbi spoke with Brazil-Arab News Agency (ANBA) on his mission for the Sultanate of Oman and Brazil to enhance bilateral investment.

“One of my priorities here is to promote investment between the two countries and encourage Brazilian companies to invest in Oman,” said Al Rahbi, pledging assistance to Brazilian companies seeking all necessary support in securing land, gas, and other resources. “I am willing to talk directly with any interested companies,” he added.

Technology, manufacturing, food and logistics are sectors of interest for cooperation, Al Rahbi said, adding, “We are open to this discussion." Commenting on Brazilian mining company Vale's project in Oman, the Ambassador said: “It is a very successful investment. Vale in Oman is very respected because it is a good company in terms of employment, support for local communities, professionalism, and good relationship with the government of Oman,” he added.

Just recently, Vale SA signed a memorandum of cooperation with Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) to conduct a feasibility study to explore the prospects of developing an integrated industrial complex (mega hub) in Oman that will contribute to achieving carbon neutrality by 2050, in line with international priorities set forth in the Paris Agreement.

ANBA reported that another goal of the ambassador is to transform Oman into a distribution hub for Brazilian products. The idea is that Brazilian companies could export more to Oman and distribute their products to other regional markets from there. The initiative includes the food sector, where Brazil has high production and expertise. Al Rahbi will also work on exports of products from Oman to Brazil.

“I am willing to listen from Brazilian companies about what they need from Oman, be it fertilisers, petrochemicals, or other products they want to import,” he explained.

Al Rahbi said he intends to connect Omani companies with Brazilian firms with the goal of exploring partnerships. The objective, he said, is to put Brazilians in contact with the right companies to discuss what they intend to export and what advantages they can have. He underlined the potential for such partnerships to open distribution hubs in Oman to cater to the wider region.

During January - October 2022, the two countries had fairly balanced trade, with exports from Oman to Brazil amounting to $894.4 million while Brazilian exports to Oman totalled $984.2 million. In 2021, Omani exports to Brazil amounted to $692 million while Brazil’s exports to Oman amounted to $1.546 billion in 2021.

Oman mainly sells fertilisers and oil to the Brazilian market, and Brazil exports iron ore and poultry to the Arab country. Oman is the fifth leading market for Brazil in the Arab world and the sixth main supplier to Brazil among the Arabs.

arrow up
home icon