MUSCAT, JAN 20
The Oman Chamber of Commerce and Industry (OCCI) is set to host the Omani-Singaporean Business Forum on Wednesday, January 22, 2025, at the Sheraton Muscat Hotel. The forum aims to advance economic and trade relations between the Sultanate of Oman and the Republic of Singapore, focusing on strategic sectors such as oil and gas, renewable energy, logistics, technology, infrastructure, and urban planning.
The forum will serve as a pivotal platform for investors, producers, exporters, importers, trading firms, and government entities to explore new avenues of economic collaboration. Key objectives include fostering partnerships in vital industries, identifying commercial opportunities, and supporting projects that align with sustainable growth goals. Bilateral meetings between business leaders from both nations will further focus on forging sector-specific alliances.
Trade between Oman and Singapore has seen significant growth in recent years. By September 2023, the bilateral trade value stood at RO 576.4 million, while total trade volume in 2022 surpassed RO 1 billion, up from RO 553 million in 2021.
In 2022, Oman recorded a trade surplus of RO 653 million, a notable increase from RO 329 million in the previous year. Omani exports to Singapore were predominantly chemical industries (50%), base metals (44%), and petroleum derivatives like methanol and polypropylene. Imports from Singapore primarily included metal products (37%), machinery and electrical equipment (32%), and chemical products (9%).
Investment and Joint Ventures
Oman hosts over 24 Singaporean companies, operating in sectors such as transport, professional services, oil and gas, technology, and clean energy. These companies brought total investments of approximately RO 55.8 million by the end of 2022.
The bilateral relationship is further strengthened by agreements such as the Bilateral Investment Agreement, effective since August 2009, and the Double Taxation Avoidance Agreement, in force since April 2006.
Diplomatic and trade relations between Oman and Singapore date back to February 1985 and were elevated to resident embassies in January 2023. The symbolic gifting of the “Jewel of Muscat” ship to Singapore in 2010 highlights the nations’ shared maritime heritage, while Singapore’s “Muscat Street” underscores enduring cultural ties.
Exploring Future Collaboration
Oman and Singapore aim to deepen cooperation in emerging sectors, including: Renewable Energy (Projects in green hydrogen, ammonia, and solar and wind energy); Food Security: (Advancing fish farming initiatives); Digital Economy: (Expanding e-commerce, smart education, and IT solutions); and Logistics and Maritime Transport: (Leveraging Singapore’s expertise to enhance Omani shipping networks).
In 2022, Oman ranked as Singapore’s seventh-largest trading partner in the Middle East and North Africa (MENA) region. The collaboration provides Singapore with access to Gulf and East African markets, while Oman benefits from Singapore’s advanced expertise in small and medium enterprises (SMEs) and digital business incubation.
Omani-Singaporean relations represent a model of sustainable economic and cultural cooperation in the region. With growing trade volumes, expanding investments, and deepening partnerships in key sectors, the Omani-Singaporean Business Forum is poised to unlock new opportunities and strengthen ties between the two nations.
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