Road Show Will Highlight Oman’s Role as Gateway to Fast Growing $92 Billion Gulf Market
His Excellency Dr. Ali bin Masoud Al Sunaidy, Oman’s Minister of Commerce and Industry (MOCI), is leading a high-level trade and investment road show to Houston, Texas on October 23 – 24, 2013.
The delegation consists of over 40 business and government leaders, including Oman’s Ambassador to the United States, Her Excellency Hunaina Al-Mughairy, and the U.S. Ambassador to the Sultanate of Oman, the Honorable Greta C. Holtz. “We are pleased and proud to bring this distinguished delegation to the United States to further develop trade and investment ties between our two countries and to explore specific sectors and opportunities to strengthen our vital economic relationship,” said Minister Al Sunaidy.
“Given the existing free trade agreement between the United States and Oman, as well as Oman’s business climate and ideal geographic position, it is important that we inform more American businesses of the advantages of doing business in Oman and using it as a hub to operate across the entire Middle East and North Africa (MENA) region.” While in Houston, The National U.S.-Arab Chamber of Commerce (NUSACC) and the Greater Houston Partnership (GHP) will provide a platform to connect the Omani delegation with members of the Houston business community interested in investment opportunities in Oman, particularly in the areas of infrastructure development, healthcare, and manufacturing.
“The Greater Houston Partnership is pleased to welcome the Oman Business Road Show to Houston” said Bob Harvey, GHP President and CEO, “Houston has a vibrant, globally-minded business community and I believe there are quite a few opportunities for us to forge mutually-beneficial relationships going forward.”
The focus of the visit will be to highlight the positive investment, trade and cultural relationship between the United States and Oman and to promote the U.S.-Oman Free Trade Agreement. The Sultanate of Oman and the United States of America concluded a Free Trade Agreement (FTA) that came into force on January 1, 2009. Designed to promote trade and investment between these two long-time partners, the Oman – U.S. FTA provides preferential treatment, creating a comparative and competitive advantage over other countries.
Research conducted by NUSACC forecasts that total foreign direct investment in Oman is on track to reach $19.475 billion this year, and U.S. goods and services exports to Oman are on schedule to reach $4.5 billion by the year of 2016. These trends suggest extraordinary potential for economic growth between these two important commercial partners. Oman is a key trading partner of the United States in the Arabian Gulf and an important gateway to the six-member Gulf Cooperation Council, which purchases approximately two-thirds of America’s exports of goods & services to the MENA region.