SOHAR Port and Freezone will be represented in a 42-strong delegation comprised of senior government and private sector officials set to hold talks with Japanese leaders later this month. As the centre piece in Oman’s efforts to diversify its economy and boost trade relations with the Asian powerhouse, the meetings will provide an opportunity to showcase double-digit growth following US$21 billion investment in the site that the Japanese International Cooperation Agency first recommended it for a port and free zone in 1990.

“Japan has been a long-term friend of SOHAR and played an influential role in its formation over a decade ago. Since then we have been delighted to watch as bilateral trade relations have grown, and aligning the needs of Oman and Japan’s respective economies through the creation of demand-drive goods and services remains high on our list of priorities,” declared SOHAR Executive Commercial Manager, Edwin Lammers.

“Much has already been achieved to this end, with oil and gas and aluminium products featuring heavily among the goods exported from SOHAR to Japan. And as Oman continues to push the boundaries of its economy and upgrade technological infrastructure, the opportunities for Japanese companies to play a part in guiding Oman’s development trajectory are also very clear and we actively welcome new partnerships.”

According to economic figures from 2013, Japan is a major contributor to Oman’s economy, which benefits from a US$2.5 billion surplus. This surplus includes imports from Japan of US$3.13 billion, which are offset by exports of US$5.63 billion. And, while oil, gas, aluminium, and fishing produce make up the bulk of the exports, the fact that SOHAR has signed deals that will increase auto throughput to 200,000 annually bodes well for the development of new revenue streams. Toyota, Daihatsu, and Nissan among already among the global manufacturers that are handled at the port through agreements with national businesses houses.

During the course of the two-day engagement, which will run from 23-24 October, discussions are expected to focus on exploring opportunities for increasing non-oil exports from Oman, while encouraging further inward investment through the major pillars outlined in the Sultanate’s Vision 2020 economic development plan. These pillars include its burgeoning port developments and a series of ambition transport projects.

“The visit shows the high esteem with which the government, businesses, and people of Oman hold their relationship with Japan, and the vision of building on shared ideals for the future,” Mr Lammers concluded.