Trade Guarantees Boost Export Confidence: What This Means for Your Business Growth in Oman
SUHAR: The Ministry of Commerce, Industry and Investment Promotion, in collaboration with Credit Oman, recently conducted a specialised programme on international trade guarantee instruments in Al Batinah North Governorate. This initiative aims to deepen understanding of key tools that promote safer and more efficient international trade.
The programme targeted government officials and private-sector employees, providing them with essential knowledge about the mechanisms that foster trust between trading partners, facilitate the smooth movement of goods and services across borders, and reduce commercial risks. The event was held under the patronage of Shaikh Mohammed bin Sulaiman al Kindi, Governor of Al Batinah North.
Saeed bin Rashid al Balushi, Director of the Investment Promotion Department, opened the session by emphasizing the importance of educating Omani exporters on the conditions, workings, and benefits of trade assurance instruments. He noted that the programme supports enhanced export readiness through adherence to global standards, thereby boosting the competitiveness of Omani products internationally. This aligns closely with Oman Vision 2040’s goals of economic diversification and creating a more efficient business climate.
Haitham bin Abdullah al Yaqoubi, Acting CEO of Credit Oman, reiterated the organisation’s dedication to driving Oman’s economic growth by increasing export capabilities and protecting local manufacturers from both commercial and non-commercial risks. He highlighted that Credit Oman offers a comprehensive range of insurance solutions to help Omani businesses approach international markets with greater certainty.
The programme included an in-depth presentation on strengthening Oman’s export ecosystem, highlighting the crucial role of credit insurance in minimizing default risk and enhancing access to overseas buyers.
Participants also engaged in a panel discussion focusing on challenges faced by Omani exporters, how insurance can help overcome market entry barriers, the importance of letters of credit in trade facilitation, and the relevance of international commercial terms. This dialogue underscored the critical role of structured financial and legal frameworks in reinforcing Oman’s position in global trade. — ONA
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The Ministry of Commerce’s initiative to deepen understanding of international trade guarantee instruments strengthens Oman’s export ecosystem by mitigating commercial risks and enhancing export readiness. For businesses, this means increased confidence and competitiveness in global markets, while investors should seize opportunities in sectors aligned with enhanced trade compliance and risk management frameworks. Smart entrepreneurs must now prioritize mastering trade assurance tools to capitalize on Oman Vision 2040’s push for economic diversification and global integration.
