Singapore, Tuesday, 15 June 2010 - The Singapore Business Federation (SBF) and the Oman Chamber of Commerce and Industry (OCCI) today jointly organized the Singapore-Oman Business Forum 2010 to explore collaborative opportunities between the business communities from both sides. The forum coincided with the visit of H.E. Alfadhel Al-Harthy, Undersecretary for Development Affairs, Oman Ministry of National Economy to Singapore to attend the 9th Singapore Oman Joint Committee meeting. He was accompanied by a 22-member business delegation led by the OCCI.
Mr. Alfadhel Al-Harthy observed that more Singapore companies are now investing in Oman. He affirmed that the Omani government will be investing heavily with partners to develop the country, as evidenced by the scale of the 8th five-year development plan (2011 to 2015) which is set to exceed the 7th Oman 5-year development plan (2006-2010).
The Singapore Oman Business Council (SOBC), jointly headed by SBF and OCCI, was formed during President S.R. Nathan's state visit to Oman in March 2009. As a B-to-B platform of exchange between the private sectors of Singapore and Oman, the SOBC convened its first ever meeting on Monday, 14 June 2010, led by its Co-Chairs Mr. Shabbir Hassanbhai, Vice Chairman of SBF Middle East Business Group, and Mr. Saud Al-Nahari, CEO, Port Services Corporation SAOG.
The OCCI delegation is represented by various industry sectors including ICT, education, finance, construction, hospitality and oil and gas. The three-day visit to Singapore is aimed at facilitating increased partnerships between both sides on the wings of the GCC-Singapore Free Trade Agreement. The delegation will also meet with the members and leadership of the Singapore Malay Chamber of Commerce and Industry and the Singapore Indian Chamber of Commerce and Industry.
The Singapore-Oman Business Forum, an initiative of the SOBC, is one of several events to commemorate the 25th Anniversary of Oman and Singapore relations. As a gesture of the close ties between the two countries, His Majesty Sultan Qaboos of Oman will present the people of Singapore the Jewel of Muscat, a replica of a 9th Century Arabian Dhow, which is expected to arrive in the first week of July this year. (Refer to Website :www.jewelofmuscat.tv for more information)
Speaking at the Forum, Singapore's Non-resident Ambassador to Oman Mr. Teng Theng Dar, and CEO of SBF, encouraged Singapore businesses to proactively seek out commercial opportunities on the back of the close political ties between the two countries. He said, "If I may use the Jewel of Muscat figuratively, to deliver a strong message to the Singapore business community, I would say that there is a strong wave that is bringing along with it, a strong intent from the Omanis to engage Singapore. I urge the Singapore business community to ride on the wave of strong social and cultural ties, and extend the goodwill towards establishing greater business and commercial connections with the Omanis."
Echoing this was Mr. Hassanbhai, who remarked, "The Singapore-Oman Business Council (SOBC) takes off from the MOU that was signed in 2005 between SBF and OCCI that has since saw a proliferation of bilateral investment and business activities between Singapore and Oman. The SOBC platform underscores the confidence Singapore companies have in Oman and will also allow them to explore new areas of investments and collaboration. For example, today, we have identified education, ICT and the environmental sectors as areas with the potential for growth. The SOBC will continue to focus on promoting other promising sectors in the future."
Total bilateral trade between Singapore and Oman in 2009 stood at S$1,070.367 million, an increase of 12.9% from 2008 (S$948.06 million). As a sign of growing intent to engage Singapore, Oman was the first country to ratify the GCC-Singapore FTA which was signed between Singapore and the Gulf Cooperation Council counterparts on 15 December 2008.
Around 121 Singapore companies from various sectors like ICT, oil and gas, manufacturing, finance, hospitality and education attended the Forum and business matching session. Forum participants were introduced to some up and coming sectors in Oman such as the environmental services, education and ICT sectors.
Singapore companies' presence in Oman
SembCorp Industries, Petris Global, APL, Jurong Consultants, Top Great Engineering and Marine , Mini Environment Service (MES) , Skyholding, Indo Straits Trading Co Pte Ltd, Seven Seas Victory Knights, ASM Technologies (IT consulting), NCS (e-government), Shangri-la Hotel, and Hotel Chedi.
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