Oman, over the last decade, has continuously worked towards solidifying trade and business relations with its neighboring countries and the emirates. The main idea behind developing these relationships is to create a business-friendly atmosphere within and outside of the borders of Oman and establish itself as a leading logistics hub in the global marketplace. Be it the UAE, India, Jordan, or other emirates, Oman’s business and political clout has made their intentions clear by signing a number of MoUs and investing in infrastructural development to fast pace their dream of economic diversification. Under Vision 2040, Oman seeks to create an economy that is based on efficient operations, a brilliant infrastructural framework, cordial and warm cross-border relations, and technological intervention.
Continuing its expansion plans and bringing more countries on board for their trade relations, Oman and Zanzibar have come together to take things forward. Oman has been expanding its might in the logistics sector. Its strategic geographical location has further enabled its logistics companies and shipping companies to start trading with Asian, Middle Eastern, African, and even European nations. And now, with Oman furthering its relations with Zanzibar, there is a whole new frontier in sight for the Sultanate to establish itself as a logistical hub for Zanzibar’s commercial logistics.
Solidifying trade relations between Oman and Zanzibar
Recently, the President of Zanzibar visited Oman to reinforce the trade interest between the two countries and to emphasize the need to solidify the logistics environment. This visit saw the Oman authorities showcasing its logistics might at the Sohar Port and how things have gone from better to best in terms of operational capacity, development of world-class infrastructure, and more. Sohar Port, which is Oman’s gateway to leading global markets, and the recent development and integrated logistics solutions have now enabled it to become the cynosure of various logistics companies and shipping companies, both without and outside of Oman.
Oman, over the last decade, started working aggressively to diversify its economy to reduce its overdependence on oil. This not only resulted in the government investing strategically to bolster the growth of different sectors and industries but also helped its logistics industry to become one of the strongest pillars of its economic diversification dream. This has also resulted in the development of several other periphery industries to come of their own and contribute to the development of the country’s economic development.
Amongst all, Africa remains one of the most important markets for trade. And just like Oman has concentrated on developing logistics relations with several markets like Asia, India, Europe, and the Middle East, Africa is also a great provider. Oman has already started developing its relations with Tanzania, and now that Zanzibar has also extended its hand in solidifying the trade relations, it seems that things will continue on the positive route. Tanzania is considered to be the fourth biggest e-Commerce market in Africa and thus presents a great opportunity for Oman to increase its business expansion.
With both markets making giant strides in the logistics sector, this coming together will mean that they are able to better support each other. While inter-continent trade will improve business opportunities, the logistics support will further their position as logistics hubs in their respective regions. Oman, which already enjoys a solid position in the GCC region as a prominent logistics player, will further look to reinforce its position as a logistics hub for Zanzibar’s businesses and their access to markets in regional and Asian markets.
The presidential visit made it clear that the two countries are looking to solidify their position as major players in their respective regions and create a logistics web that will benefit them all.