FAISAL AL AJMI
MUSCAT, JAN 22
The Oman Chamber of Commerce and Industry (OCCI) hosted the Omani-Singapore Business Forum on Wednesday, January 22, 20254 with the aim of strengthening trade and economic relations between the Sultanate of Oman and the Republic of Singapore. The event, held in Sheraton Hotel Muscat, was attended by Shaikh Faisal bin Abdullah Al-Rawas, Chairman of OCCI, Dr Shehzad Naseem, Head of the Singaporean Trade Delegation, and a number of board members and business leaders from both countries.
The forum focused on enhancing bilateral cooperation across several key sectors, including oil and gas, renewable energy, logistics, technology, infrastructure, and urban planning. Discussions centered on identifying potential trade and investment opportunities and exploring projects that could drive sustainable economic growth. The forum also explored how the public and private sectors could collaborate more effectively to foster partnerships in critical areas.
Speaking at the event, Al-Rawas stated, "This cooperation, built on a longstanding friendship, has opened doors to strong commercial and investment partnerships. Trade between Oman and Singapore has grown in recent years, with further expansion expected to drive continued growth in bilateral trade."
The Chairman further noted that trade between Oman and Singapore had reached approximately RO 511.1 million by the end of October 2024. He expressed optimism that there were ample opportunities to further expand this trade by diversifying the range of products exchanged, taking advantage of the complementary strengths of both nations.
Dr. Shehzad Naseem, Vice Chairman of the India and South Asia Business Group and CEO of Maynard Group, underlined the importance of a sustainable partnership between Oman and Singapore, founded on trust, respect, and shared aspirations. He highlighted that Singapore’s exports to Oman in 2023 included refined petroleum products and machinery, while Oman’s exports to Singapore consisted of ammonia and iron. Dr Naseem also pointed out that these trade flows reflected the substantial potential for collaboration in sectors such as infrastructure, renewable energy, and technology.
The forum also featured a presentation from Oman’s Ministry of Commerce, Industry, and Investment Promotion, titled "Invest in Oman." The presentation showcased Oman’s strategic location, which offers access to over 59 million consumers in the Gulf Cooperation Council (GCC) markets, as well as emerging markets in Asia and Africa. It also emphasised Oman’s strong credit ratings and impressive rankings in international indices, including 7th globally in the Quality of Life Index 2024 and 43rd in the Logistics Performance Index.
The Omani-Singapore Business Forum underscored the strong potential for further growth in trade and investment between the two nations. With shared goals and complementary strengths, Oman and Singapore are well-positioned to expand their collaboration, promising a bright future for bilateral relations and sustainable growth.
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