São Paulo – Oman is seeking out USD 6 billion worth of investment for the 2016-2020 period. In a bid to rekindle its economy, weakened by the slumping price of oil, its primary revenue source, the Gulf country held the Oman Investment Forum on Tuesday (27) and this Wednesday (28). The CEO of the Arab Brazilian Chamber of Commerce, Michel Alaby, was a speaker at the event in Oman’s capital Muscat and said there are opportunities in place for Brazilian businesses.
The president of the Oman Chamber of Commerce and Industry, Said al-Kiyoumi, mentioned that the sultanate ranks 62nd worldwide and 6th among Arab countries in the competitiveness ranking of the World Economic Forum. “Their idea is to draw investment into 50 projects in petrochemicals, chemicals, mining, hospitals, fish farming, smallholder farming, information technology and communication,” said Alaby.
“I discussed Brazil’s experience with free zones, such as the one in Manaus (in the state of Amazonas) and the Export Processing Zones (ZPEs). They have free zones here as well, and they welcomed information on Brazilian projects with enthusiasm,” he claimed.
Oman had seen high growth rates for several years, until the oil price slump ate away at its revenues, and at those of other major oil producing/exporting countries. According to the secretary-general to the Supreme Council for Planning, Salim Al Habsi, the country needs foreign investment if its Gross Domestic Product (GDP) is to grow above the 2%-to-2.3% range expected this year.
Alaby also said there is space for Brazilian companies to invest in Oman. Brazil’s mining company Vale is already active there, with an iron ore pelletizing plant at the Sohar Port, from where it ships product to Asian countries. Alaby remarked that Oman is betting on tourism. From January through September, it has welcomed 5 million tourists. By 2020, the country expects to see 11 million foreign travellers, and it’s investing in tourism infrastructure, including construction of hotels and resorts.
*Translated by Gabriel Pomerancblum
