A delegation of Omani businessmen makes waves on land and at sea in Istanbul

Echoing the Sultanate’s rich merchant history, a delegation of Omani traders and sailors headed to Istanbul, Turkey, looking to make a positive impression. While companies representing the Sultanate of Oman built trade relationships at the Turkey-Oman Business Council Meeting, Oman Sail’s Extreme Sailing teams, The Wave, Muscat and Oman Air claimed the top two positions Act 7 of the Extreme Sailing Series on the Bosphorus.

Organised by the Oman Chamber of Commerce and Industry (OCCI), the Omani Trade Delegation’s presentations at the Turkey-Oman Business Council Meeting showcased the business opportunities available in the Sultanate by outlining the country’s investment climate and aims to broaden the Oman’s reach in international markets.

The annual Turkish-Oman Business Council Meeting was organised by the Foreign Economic Relations Board and took place on 1 October. H.E. Saeed Saleh Al Kiyumi, OCCI Chairman, led the delegation and was accompanied by Hayyan Ali Malallah Al Lawati, Managing Director of Al Habib & Co, Hassan Mahboob Hashimani, Managing Director of the Hashimani Group, and Aymen Al Hosni, Director General of Oman Airport Company.

While in Istanbul, the delegates took the opportunity to experience the adrenaline-fuelled racing where Oman’s representatives were eager to impress. Oman Sail invited the envoy to learn about how sailing has contributed to tourism development and promoted the Sultanate overseas.

Oman Sail’s teams performed incredibly on the water and The Wave, Muscat holds a commanding overall lead in the Series going into the penultimate Act while Oman Air have their sights set on a podium place with skipper Stevie Morrison looking to build on their best performance of the year at the final Act in Sydney, Australia, in December.

Turkey has the potential to be an important partner for Oman, not only in terms of tourism but for the wide variety of trade opportunities available. The country is the world’s 17th largest economy, and currently applying to join the European Union in order to become part of the European single market which will open up new frontiers for trade and re-export of goods.

As part of the process, the Turkish government initiated a programme of comprehensive changes to introduce a standardised system of laws, increase the role of the private sector, enhance efficiency and resiliency of the financial section and create a more solid foundation for the country’s social security system.

These measures have seen the Turkish economy record an average annual real GDP growth rate of 5% for the ten year period from 2002-2012 – placing the country’s economic growth ahead of the USA, the world’s largest economy, and the rapidly-expanding ‘BRIC’ economies of Brazil, Russia, India and China. Exports have increased from USD 36 billion in 2002 to USD 153 billion in 2012 and tourism revenues have increased from USD 8.5 billion to more than USD 25 billion.

Presentations focused on the capabilities of Oman’s world-class ports in Sohar, Salalah and Duqm to serve markets in Asia and Africa, as well as the potential for Turkish companies to establish a regional base in Oman and the role of The Public Authority for Investment Promotion and Export Development (Ithraa) in establishing international partnerships.