MUSCAT: Oman is seriously considering raising its non-oil exports to Ethiopia by holding a high-profile exhibition in the country, following a detailed market study.
The Sultanate, which exported goods and services worth $40 million to Ethiopia in 2014, plans to hold an Omani products exhibition in Addis Ababa in April 2016. The main export items from Oman to Ethiopia include semi-finished goods, iron and polymers.
The Sultanate’s imports from Ethiopia are pegged at around $5 million, reflecting a favourable bilateral trade for Oman.
The Sultanate’s export promotion agency, the Public Authority for Investment Promotion and Export Development (popularly known as Ithraa) had conducted a market study in Ethiopia to assess the export potential of 59 Omani products. The survey was based on different sectors, such as foodstuffs, building material, furniture, marble, stones, textiles and vegetables.
The study was also conducted to find the consumption, demand and logistics patterns for these sectors.
Furthermore, in April this year, Ithraa had organised a business-to-business meeting for Omani businessmen in Addis Ababa, which was mainly aimed at showcasing Omani products for Ethiopian businessmen and traders.
About 29 Omani companies participated in the business-to-business meeting from different sectors, such as furniture and marble, and Omani companies were able to secure multiple business deals.
The Ethiopian market’s potential is huge as the country’s total exports are $5.7 billion, while its imports are $22 billion, according to the World Bank. Its main trading partners are China, Saudi Arabia and the United States.
The Ethiopian economy is growing at a rapid pace, with its gross domestic product pegged at $54 billion, and its per capita income estimated to be $568 in 2014.
The Sultanate’s export development agency-Ithraa-has been conducting a series of Omani product exhibitions since 2012 to raise non-oil exports from the country and has drawn growing participation with each passing year.
As many as 120 companies participated in the recent Omani products exhibition in Jeddah, with 100 Omani firms taking part in a Dubai exhibition in 2014.
