Muscat: Sohar Port and Freezone has announced its intention to strengthen economic ties with global shipping powerhouse, Singapore.
Speaking at the SCM Logistics and Manufacturing World 2014 event, Asia's largest supply chain and manufacturing event, commercial executive Edwin Lammers also touched on plans to establish Sohar as the gateway to a new trade corridor that will leverage on the port's unique location to connect Asia, the Gulf, and the United States, through Oman.
"Singapore handles the second largest container throughput in the world, so there is no shortage of volume. With Sohar growing at 1,000 per cent since the first cargo arrived in 2007, our ability to offer a modern, competitive, and customer-orientated route through which to do business with the US is almost unrivalled in the Gulf. We are also not too different in size," said Lammers.
Free trade agreements
Lower costs generated by container volumes that are projected to reach 1.5 million TEU, and Sohar's ability to provide access to the Gulf from outside the Strait of Hormuz, were highlighted as advantages by Lammers. Oman's free trade agreements with the US and Singapore were also viewed as crucial in pursuit of an increased share of $68 billion in US-Singapore trade.
The Gulf is already Singapore's seventh largest trade partner, and together with its reputation as a world-leader in handling global freight and logistics operations.