Oman Is An Enormous Market For Turkish Entrepreneurs
Oman awaits Turkish investors who can explore and evaluate its market.
MUSIAD Representative for Oman Mehmet Günaydın wrote about the situation of the business world and business opportunities in Oman for Turkish entrepreneurs.
Opportunities For Turkish Entrepreneurs In Oman
The lack of Turkish entrepreneurs is visibly evident in Oman. Especially, Turkish companies that want to invest in the Gulf region have preferred other countries in the region, which they think are more attractive due to their population density, demographic, purchasing and economic structures in their country profile comparisons. However, it is clear that this is an omission and a missed opportunity. Oman is waiting as a new market for Turkish entrepreneurs who want to avoid competition among Turkish investors in other Gulf countries. Having a presence in Oman or finding a solid distributor in almost all sectors will help Turkish companies tap into commercial opportunities.
Advice For Those Who Wnat To Invest Oman
As it is known, the model in which foreign investors need a domestic sponsor to establish a company, which is a common practice in the Gulf countries, has been made changed with the law published in Oman on July 1, 2019, which was enacted on January 1, 2020. This paved the way for foreigners to establish companies that are 100% their own. With the new regulation, Turkish investors can evaluate this opportunity as an Oman-based expansion to carry out business with the Gulf countries. The UAE market is a 3-hour drive from Oman. What is more, it will be possible to reach Riyadh, Dammam and Jeddah in five to eight hours via the new highway through the Saudi Arabian customs gate, which will soon be opened. Thus, it will be possible to benefit from the easy customs union conditions between the Gulf countries.
Oman's General Business Structure
Oman, whose majority exports are petroleum and petrochemical products, imports many products in the field of industry and food. As the data show, it is evident that Turkey, which has a 3% share in Oman imports, has not yet reached its actual potential. Oman, which imports 17.7 billion dollars, makes 525 million dollars of this from Turkey, and all conditions are developing in favour of Turkey to increase its share by 3%. It is only waiting for Turkish investors who will explore and take adavantage of the new Oman market.
Situation Of Turkish Entrepreneurs In Oman
We can say that Turkish companies dominate the sea, airports and highway construction projects in Oman. However, we cannot see this in medium-sized Turkish investors. To ensure that the tourism visit capacity of Oman citizens, which has been doubling every year in the last three years, is reflected in commercial relations quickly, many medium-sized Turkish companies need to settle in Oman or acquire strong strategic distributor business partners. It is felt that there is a considerable gap in every sector in this regard.
Oman In The Post-Covid-19 Period
Heysham Bin Tarık, whose grandmother was Turkish, succeeded Sultan Qaboos Bin Said just before the COVID-19 pandemic, who ruled the Sultanate of Oman for 50 years and died at the age of 79 on January 10, 2020. Immediately after he took office, he was faced with the COVID-19 outbreak. In Oman, which is expected to rise towards the old active days of trade after September 1, 2021, when the post-COVID-19 bans were mostly recessed, there are areas in life for Turkish investors and where Turkish product quality can be used a lot. Maritime transportation prices, one of the most crucial cost items of world trade, especially after COVID-19, have increased from China to Oman. In this sense, the fact that the arrival costs of the products to the port of Oman has developed a new strategic situation in favour of Turkey has also become an advantage for Turkish products to be competitive.
MUSİAD Representative for Oman