Muscat: The Public Authority for Investment Promotion and Export Development (Paiped), in collaboration with the Madras Chamber of Commerce and Industry, has organised business matchmaking events in Chennai and Mumbai in a bid to further enhance the market penetration of Omani products in India.
The sessions brought five of Oman's leading companies face-to-face with 44 potential importers from India's agricultural, mechanical, construction, furniture and food industries.
"Oman's export development strategy is built on understanding our national products and their competitive advantage which in-turn helps us identify international markets and potential points of entry," said Nasima Al Balushi, director-general of Export Development at Paiped.
She went on to add: "India's the second top destination for Oman's non-oil products. In fact, our exports to India almost doubled in 2011, from $764 million in 2010 to $1.12 billion. There is significant interest for our products in India's booming economy. The Sultanate's current non-oil exports to India mainly comprise of agricultural products, raw materials, heavy machinery and automobile parts."
Last week's matchmaking sessions helped strengthen bilateral trade relations between Oman and India and provided a key opportunity to increase Omani exports. Paiped is currently organising a follow-up visit for Indian importers to Oman. "This will give my team an outstanding opportunity to introduce Indian importers to a much broader range of Oman-made products," added Nasima.
Several contracts were signed during the meetings including one worth $150,000 with a local food products company, plus a two-year agreement to supply the Indian market with high-end furniture. The matchmaking sessions also looked to boost trade in gems and jewellery, as well as in construction, mining equipment, plastics and packaging.
Paiped, in co-ordination with government organisations regularly conduct in-depth assessments of Omani products and their potential to penetrate international markets. Indeed, in its role as a trade facilitator, Paiped has organised many international business matchmaking sessions that have resulted in significant financial returns for the Sultanate's business community.