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Oman – a bright spot for Singapore companies looking to expand overseas
Singapore, Wednesday, 27 May 2009 – One of the best strategies Singapore companies can employ to ride out the recession is to turn to burgeoning markets like Oman to boost their business development efforts. This was the consensus of panelists at a seminar organised by the Singapore Business Federation (SBF) today to apprise the local business community of Oman’s business climate and market opportunities.
Omani industry experts from corporate and legal backgrounds shared their insights on how local businessmen can navigate the Omani market with greater success. About 100 participants from diverse industries including oil and gas, transportation and manufacturing, heard Mr. Michael Wee, Business Development Manager, Top Great Engineering and Marine Pte. Ltd., share his company’s experience of doing business in Oman. Also presenting their expertise in their respective fields were Mr. Chew Kok Liang, a Senior Associate of a Oman-based law firm, who gave a legal perspective of doing business in Oman and Mr. Tang Chilin, General Manager, Business Development, Zubair Corporation, who gave an insightful update of Oman’s projects and business opportunities. Zubair Corporation is one of Oman’s leading conglomerate with almost 50 wholly-owned companies, subsidiaries and associates based in Oman and operating in the rest of the Middle East, India, Europe and the USA.
A highlight of today’s event was the announcement by SBF CEO Mr. Teng Theng Dar of the appointment of a Singapore company, Mini Environment Services (MES), by the Omani Centre for Investment Promotion & Export Development (OCIPED), as its representative in Singapore to facilitate Singapore-Oman trade and investment. OCIPED is Oman’s equivalent to our Economic Development Board and IE Singapore (please refer to Annex for more information on Oman and OCIPED). Looking ahead, MES and SBF will jointly organise seminars and workshops to update the Singapore business community on Oman’s economic outlook and business opportunities.
Mr. Abdul Jaleel, Managing Director, MES, said, “This representative office will serve as another platform for Singapore Companies to venture into Oman, for which I would like to place on record my sincere thanks to International Enterprise (IE) Singapore and Singapore Business Federation (SBF) for facilitating MES to venture into Oman, which culminated in MES being appointed by OCIPED as their representative in Singapore. His Excellency President Nathan’s visit to the Middle East has helped to facilitate and enhance the contacts and business opportunities for Singapore Companies. This clearly demonstrates the capabilities of the Singapore business community in being able to clinch an important office which will be able to cover the ASEAN region for trade and investments.”
This seminar is part of the Post-Mission Information Series, an SBF initiative, for local businessmen to share useful knowledge and practical information gained through business missions in new and emerging markets. It also provides the latest findings on government incentives and reforms, and an assessment of the investment climate. The post-mission seminar is a follow up of a successful business mission to Oman from 13 to 16 March 2009, jointly organised by SBF and International Enterprise (IE) Singapore, in conjunction with the state visit by President Nathan.
The 29-strong delegation comprised senior representatives from diverse industries, including marine services, trading, oil & gas services, banking & financial services, ICT, engineering, construction & infrastructure, real estate and law. The cohort also comprised several large corporations such as Singapore Technologies Engineering Ltd, Sembcorp Industries Ltd, Islamic Bank of Asia and smaller companies who are keen to tap on the affluent Middle East Markets.This was SBF’s second visit to Oman following the inaugural mission it led in May 2007.
As Singapore's apex chamber, the SBF has direct chamber-to-chamber exchanges with the Oman Chamber of Commerce and Industry (OCCI) through a renewed Memorandum of Understanding (MOU) signed during the mission in March 2009. There will also be a formation of a Singapore Oman Business Council to promote and facilitate businesses between the two regions.
Aside from boosted ties between SBF and OCCI, Singapore companies will find Omani market a relatively fertile ground for business opportunities given that Oman was also the first among the seven Gulf Cooperation Council members to ratify the Gulf-Cooperation Council-Singapore Free Trade Agreement (GSFTA). Oman’s commitment signifies its private sector’s interest in partnering with Singapore companies for their national development.
SBF CEO Mr. Teng Theng Dar, who is also Singapore's Non-Resident Ambassador to the Sultanate of Oman, said, “From the interaction with the Omani business community on this visit, the Middle East Business Group is pleased to report that Singapore enjoys a good and trusted brand name in Oman with both government and business community alike. There are also ample opportunities of varying sizes in sectors such infrastructure, real estate, tourism, ICT and logistics services in Oman given that Omanis are quite willing to consider working with Singaporean, aside from their traditional European and American partners.”
SBF remains committed to playing a pivotal role in facilitating Singapore companies' development efforts into new and emerging markets in the Middle East and North Africa region, which have been encouraging foreign direct investment, and are drawing attention with their attractive trade and investment opportunities.
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