(MENAFN- Muscat Daily) South Africa is keen to boost trade and investment with the sultanate by focusing on increasing export of food and agroprocessed products and utilising Oman's strategic location to target other markets in the region.
A South African business delegation comprising representatives of nine companies mainly in the agroprocessing sector and led by the country's Department of Trade and Industry is visiting Oman to explore export and investment opportunities with the sultanate.
The South African embassy in Muscat hosted a business seminar in coordination with the Oman Chamber of Commerce and Industry (OCCI) on Wednesday.
Daryl Hudson director for Middle East and Central Asia at South Africa's Department of Trade and Industry said his country is trying to increase exports of value-added agroprocessed products to Oman and the region as opposed to just exporting basic commodities like fruits and vegetables.
'Our objective is to open up new markets for these products. Oman is an important market in the region. We believe Oman can be an important gateway for South African products for the whole region and possibly to many other countries.'
He said a number of South African companies would be interested in making investments and setting up joint ventures in food processing to add value to South African exports.
'Bilateral trade between the two countries is far below potential. South Africa has a huge trade deficit with Oman due to the import of petroleum products from Oman. We are looking to bridge this gap by increasing our exports and tap the available potential' Hudson said.
In his opening remarks at the seminar H E Lungile Chris Pepani South African Ambassador to Oman said there are plenty of business opportunities in Oman's food-processing mining and tourism sectors which could involve greater South African participation.
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