Oman-Bangladesh Trade and Investment Facts
Trade and Investment
The Mission has taken efforts to improve the export to Oman that has increased significantly during 2012-2013 FY compared to previous year, which is US$ 10.04 million.
Oman has a good consumer market, as apparently this is a ‘high-income’ country with very little industrialization. The citizens here enjoy relatively solvent lives with high power of spending and the number of expatriates from our part of the world is increasing. As such all produces back in Bangladesh has the potential to be marketed here. Some of the target areas may include: readymade garments (all kinds and also to suit special needs as per local culture, i.e., Arabic dresses), medicine, leather products, jute, ceramics etc. UAE, China and India being their biggest trading partners are continually pushing to strengthen existing ties.
The recent surge in export to Oman was the outcome of primarily the activities of Bangladeshi consumer product powerhouse PRAN, which has established two marketing companies in the Sultanate, with the active support of the Mission (e.g., the Embassy was the sponsor of PRAN personnel until they could establish a fully owned Limited Liability Company). Other prospective Bangladeshi companies are also showing keen interest to establish business in Oman and the Embassy is making full efforts to support their initiatives. Recently few companies participated in the “Oman Food & Hospitality Expo 2014” and got positive response from the local business outlets for supplying consumer products, which is on high demand from the ever increasing Bangladeshi and like minded Asian expatriate communities.
OOCEP Investment Proposal in Oil and Gas Sector of Bangladesh: A delegation from OOCEP (Oman Oil Company Exploration and Production) visited Bangladesh in March 2012 and proposed a Draft MoU on collaboration in the field of oil and gas development in Bangladesh, which ever since been pending for examination/response with the concerned Bangladeshi authorities (e.g., Petrobangla).
Outlook for Oman–Bangladesh Relations: In recent years, Oman’s economy has been undergoing a steady transformation, reorienting from oil toward a more diverse set of service and industry-based economic activities. The Sultanate has maintained steady growth insulating the country from economic tumult elsewhere through prudent economic and fiscal policies. It is worth mentioning note that in the short and medium terms, Oman is making full efforts to reinvest oil and gas windfalls to raise the quality of infrastructure, broaden social services and encourage economic diversification – through development of SMEs and other important sectors like tourism, mineral resources, agriculture, livestock.
As always, Bangladesh could be a reliable source for professionals, skilled and semi-skilled human resources required for those sectors including sharing our best practices for the development of SMEs. Bangladesh may remain actively seized of securing all effort needed to be a partner with Oman with a view to ensure the shared growth and sustainability of economic gains into the long term.