Uncategorized

In partnership with the U.S. Embassy Muscat, the OABC recently kicked off their 5-part FTA webinar series. These interactive sessions will cover critical facets of the Oman- U.S. Free Trade Agreement and are ideal for any U.S. or Omani organization considering trading between the 2 countries or those just looking to expand their understanding of the FTA. The webinars are one part of the OABC’s multi-faceted project “Spotlight on The U.S. – Oman Free Trade Agreement: Contributing to Bilateral Economic Growth” This program aims to enhance the business relationships between the U.S. and Oman by helping increase awareness and understanding of the Free Trade Agreement. Specifically, this multi-faceted project will create the tools and resources that will assist in growing Omani exports to the U.S., increase U.S. sourcing, support FDI and ultimately create more jobs for Americans and Omanis. The webinars are free to participate and open to all, but you must register in advance. You can learn more about our webinars and the entire FTA program here.

Spotlight On the U.S. – Oman Free Trade Agreement: Contributing to Bilateral Economic Growth

Questions:
1. Can you briefly describe the role of the OABC in promoting bilateral trade, business and investment between the U.S. and Oman?
For the past 20 years, the OABC has played a vital role in promoting bilateral trade between the 2 nations. We support Omani and American businesses by facilitating critical connections within the private and public sectors, providing advocacy, hosting educational workshops and networking events as well as supporting international delegations and trade missions.

2. The U.S. and Oman have a Free Trade Agreement since 2009. What are the key benefits of this FTA for Omani companies looking to export/import to/from the U.S. market?
There are only 20 countries in the world that have an FTA in place with the United States, this gives Oman a huge competitive advantage. By removing or reducing tariffs and other trade barriers, the FTA represents an opportunity for Omani businesses to expand the market for Omani goods and services in the United States. It also makes sourcing from the U.S. more cost effective.

3. In your view, how has the FTA impacted economic and trade relationship between the two countries? And how do you see the U.S. – Oman business relations evolving in the future, and what opportunities and challenges do you anticipate?
Since implementing the FTA, Oman’s exports to the U.S. have more than doubled. In 2022, trading between the 2 countries was valued at over $4 billion dollars (a record year), and the United States is the leading buyer of Oman’s non-oil exports. In the past several months significant activities to boost the bilateral relationship have been taking place. A first-ever strategic dialogue between the countries’ top senior government officials took place in Oman, an MOU between Oman and EXIM Bank was signed and more meetings to increase trade between the two nations continue to take place both in the U.S. and here in Oman. It’s important for Omani businesses to remember the FTA is an agreement signed by governments, but it’s up to the businesses to use it. That is why the Oman American Business Center plays such a significant role, particularly with our new FTA training program.

4. What opportunities does the U.S. – Oman FTA present for small and medium-sized businesses in Oman?
It’s very simple, it makes accessing the world’s largest economy easier. Plus, SMEs will benefit from an immediate cost advantage whether they are looking to export their products to the U.S. or source U.S. goods.

5. OABC is launching an awareness program focusing on the U.S.-Oman FTA. What motivated or prompted OABC to launch the FTA Awareness program? Can you elaborate on key features and components of this program?
While trade U.S. and Oman trade has reached a record high, there is still so much opportunity for Omani businesses. We work very closely with the U.S. Embassy in Oman, and together we realized there was a need to build greater awareness and understanding of the FTA and how it can bolster international trade, attract investment and create jobs for both Omanis and Americans. This program will offer a survey for companies to assess their export readiness, a series of five interactive webinars, a 2-day executive training and export readiness audit for those companies who are ready to export, new educational materials and a black-tie gala recognizing those American and Omani companies who demonstrate best practices when it comes to the FTA.

6. Can you briefly talk about the objectives of the FTA Awareness program, and how these align with the broader mission of the OABC?
The aim of the project is to help promote the special economic partnership between Oman and the United States, as reflected in the FTA with the goal of increasing awareness of the FTA amongst Omani and American importers/exporters and to ultimately increase trade and jobs in both markets. This aligns with the work that the Oman American Business Center does every day with our members and the Oman business community. This program, being funded by the U.S. Embassy Muscat, allows us further our efforts and reach more people both in Oman and United States.

7. In your view, what are some of the most common misconceptions or misunderstandings about the U.S. – Oman FTA, and how does the FTA Awareness program address these?
Many believe the FTA only benefits Americans, but this isn’t the case. For the past 2 years the trade deficit has been greatly in Oman’s favor. We hope with this program will improve public perception but also greatly increase both awareness and how to best use the FTA.

8. What advice would you give to Omani companies that are looking to start exports to the U.S. market under the FTA?
Get involved with the Oman American Business Center. Our upcoming FTA program offers everyone the chance to learn more about the FTA. Whether trading with the U.S. is a top company objective or something you’re considering in the next several years, we will provide you with the tools and resources to make it happen. Furthermore, all of our members benefit from being part of Oman’s largest and most active business networking organization in the country.

For more information on becoming a member of the Oman American Business Center or taking part in the FTA program, please email info@oabc.org or call +968 9418 9500

This week the Oman American Business Center welcomed more than 160 members to their annual iftar hosted at the Crowne Plaza Muscat.  OABC members were joined by 10 talented artists from Adatee Hyatee, a group of Omani artists who each live with a physical disability. Also present was U.S. Embassy Muscat’s Chargé d’Affaires, Junaid Munir and many U.S. Diplomats.

The evening started with special remarks by OABC’s Vice President Fouad Eid and the U.S. Embassy Muscat’s Chargé d’Affaires, Junaid Munir. Wafa Al Harthi of Adatee Hyatee was the evening’s keynote speaker. Wafa, an award-winning artist and illustrator, shared with members her incredible story of perseverance and dedication.

The highlight of the evening was a silent art auction by artists of Adatee Hyatee. 36 beautiful pieces of art were on display for members to enjoy and bid on while networking on the terrace of the Crowne Plaza. All proceeds from the art sales went directly to the artist.

As the official affiliate of the US Chamber of Commerce in Oman (AmCham Oman), the OABC promotes understanding, partnerships & other matters of mutual economic interest between business communities in Oman and the United States. Formed in 2003, the OABC’s mission is to foster the development of commercial activity between Oman and the United States.  With 30 events annually and over 180 member companies, OABC is Oman’s most active business council and networking group. The Oman American Business Center (OABC) is best known for hosting high-level professional networking events and informational sessions for professionals across the Sultanate.

On Tuesday, March 14, 2023, the Oman American Business Center hosted one of their most popular networking events, Taco Tuesday, hosted at the residence of U.S. Embassy Muscat’s Deputy Chief of Mission, Junaid “Jay” Munir.

This was the DCM’s final Taco Tuesday as he will be moving on to his next post. Jay has been an incredible supporter and friend of the OABC during his time in Muscat and many people were there to show their gratitude. More than 100 OABC members and U.S. Embassy representatives spent the evening networking and enjoying delicious tacos.  The Oman American Business Center also welcomed many new faces there as many new companies have joined since the start of the year.

The evening was supported by OUA and Ahmed Zuhair from Bomba Burrito. A few lucky OABC members won fantastic raffle prizes provided by Muscat Pharmacy, Al Baleed Resort Salalah by Anantara and MLS Oman.

As the official affiliate of the U.S. Chamber of Commerce in Oman, AmCham promotes understanding, partnerships & other matters of mutual economic interest between business communities in Oman and the United States. For 20 years, AmCham Oman’s mission has been to foster the development of commercial activity between Oman and the United States. With more than 25 events annually and over 160 member companies, AmCham Oman is Oman’s most active business center and networking group.

There was an air of intrigue and inspiration on the lawns of the Intercontinental Muscat as the OABC hosted the 2nd Annual Oman Sustainability Fair on February 28, 2023. This event was designed to bring the Oman community together to raise awareness and showcase local sustainable initiatives.

13 schools participated in this year’s event, together with SMEs, environmental groups and corporate entities. The highlight of the event was the high school competition which recognized students for efforts. The winners of the competition were:

Overall Winner – The Sultan’s School Eco Club – “Sustainable Agriculture”
Most Innovative Idea – British School Muscat – “MODA (Moisture Detecting Assistant)”
Best Presentation – Qurum Private School – “Zero Organic waste to Oman landfill Project (ZOOP)”
Most Practical Implementation – ABA Ecological Society (EcoSoc)

The competition was judged by a team of environmental experts, including Dr. Ali Akaak, board member of the Environment Society of Oman (ESO), Ulrich Emmer, Managing Director at Bauer Nimr and Elayna Locke, Marine Scientist, at Five Oceans Environmental Service.

Marla Valdez, OABC board member, who chaired the event, commented “it was truly inspiring to see the work done by the students, and it give us hope to see such passionate environmental champions”.

Fair visitors and participants spent the evening visiting the displays of the more than 25 participants while enjoying the music of Move Green.

The annual conference which welcomed AmCham board members, leadership teams and members from around the region, showcased opportunities for inter-regional cooperation and investments in specific sectors that have been advanced by the health crisis, as well as highlighting the important issues of economic diversity and sustainable development.

Industry leaders and senior government officials from the region and the U.S. addressed critical topics as advancing climate positive policies, renewable energy, decarbonization, financing green transition and advancing innovation in agriculture and water resources management.

The 1.5-day conference brought for numerous networking opportunities with AmCham representatives from Egypt, Jordan, UAE, Palestine, Qatar, Bahrain, Kuwait and Tunisia. Attendees enjoyed a special preview of the Grand Egyptian Museum followed by a gala reception. They also had a private tour of the National Museum of Egyptian Civilization. The conference’s host and current AmCham MENA chair, produced a special report for the conference, MENA- U.S. Trade and Investment Report, Accelerating Green Investments in the MENA region, OABC members can access the report here.

AmCham Oman recently held a “Lunch & Learn” session entitled Debt Collection Disputes – a Legal Perspective at the Grand Hyatt Muscat on February 22, 2023.

This session was hosted by the team at ALC Lawyers & Counsels. ALC founder, Abdulredha Al Lawati, and Alaa Nizam, Head of Litigation, took our members through a thorough discussion of how debt effects everyone. They also covered the pros and cons on various approaches of settling debt collection in Oman through: amicable settlement, mediation, arbitration, and local judicial methods.

If you missed the event, members can find the presentation on our website under resources.

On January 11, OABC Members attended the”U.S. Chamber of Commerce for State Business 2022 webinar.

The program included keynote remarks from U.S. Chamber President and CEO Suzanne Clark followed by a panel featuring Dr. Alberta Bourla, Chairman and CEO of Pfizer where he discussed the innovation for a healthier and more prosperous World.

When COVID-19 brought the world to a standstill, pharmaceutical companies stepped up to the challenge, developed lifesaving treatments and vaccines, and delivered them around the globe. Against remarkable difficulties, their successes have created our strongest tools in beating back this pandemic, demonstrating that through creativity and resilience, businesses can solve some of the world’s greatest challenges.

Click here to view the full video.

On December 7, Members of the OABC attended “How Can the U.Ss Government Strengthen Your Business”, online. In this event, they explored the complimentary services offered by the U.S. government and additionally touch on advocacy, EXPO 2020, trade promotion, and data privacy followed by a Q&A session.

The online session included moderator Judith Barnett – President, The Barnett Group, Adam Shub – Acting Special Representative for Commercial and Business Affairs Bureau of Economic and Business Affairs at the U.S. State Department, Jason Buntin – Director for Europe and Middle East Affairs, Office of the United States Trade Representative, Bruce J. Ellsworth – Commercial Attaché / Digital Attaché, Commercial Section, United States Consulate General in Dubai, UAE, Pete Mehravari – IPR Attache U.S. Intellectual Property Attaché for the Middle East and North Africa, and Pete Zube – Regional Export Control Officer, U.S. Department of Commerce.