The Oman American Business Center (OABC) has officially joined the U.S. Chamber of Commerce. This affiliation marks an important step for the organization and its members. This is a major development with historical significance for the commercial relationship between the U.S and the Sultanate of Oman.
Khush Chosky, Senior Vice President for Middle East and Turkey Affairs, US Chamber of Commerce, welcomed the OABC to the US Chamber: “Since the signing of the U.S.-Oman Free Trade Agreement in 2009, both countries have enjoyed tremendous benefits from the stronger trade and investment ties. The U.S. Chamber looks forward to working in close collaboration with the Oman American Business Center to promote and enhance the important relationships with both the business communities and governments.”
As an official member of the U.S. Chamber of Commerce, the OABC is now part of the world’s largest business federation that represents the interests of over 3 million businesses of all sizes and all sectors of the economy. With 117 offices in 103 countries around the world, the American Chambers of Commerce (Amchams) plays a vital role in linking the private sectors in all these countries to the United States. Its unique positioning enables The American Chambers of Commerce to effectively support the interests and needs of its members.
Until recently, Oman was the only Gulf nation without an established AmCham despite the latter’s strong presence in the other Middle Eastern nations such as UAE, Bahrain and Qatar. Closer ties with other AmChams in the GCC allows for shared access to membership directories, national discount programs, and other specific resources, adding to increased opportunity for trade within the region.
OABC President Ali Daud says, “We are proud to join the U.S. Chamber as AmCham Oman, and look forward to building on our relationships and identifying opportunities in both the United States and in the region. Solidifying this relationship comes in line with our mission to foster economic and commercial relations between the Sultanate and the U.S.”
“With the ongoing development of Oman’s various ports, and its strategic location on international shipping routes, along with great incentives for both Omanis and Americans on either side to do business, we are seeing more and more opportunities to develop trade between Oman and the USA. Not just for the big companies, but for small and medium local companies as well,” says Daud.
OABC (AmCham Oman)’s invaluable experience and knowledge of doing business in the region makes it a key resource for any U.S. company seeking to expand its operations into the Omani market. US Ambassador Marc J. Sievers explained the importance of the relationship: “I am very pleased the Oman American Business Center is joining the U.S. Chamber of Commerce. Being an AmCham will enable the OABC to tap into the U.S. Chamber’s vast regional and worldwide network and further promote business between the United States and Oman.” Most importantly, OABC members will be able to utilize the Oman-USA Free Trade Agreement (FTA).
According to data obtained from the US Census.gov website, the FTA has significantly increased the US- Omani bilateral trade in goods and services by 50% since its formation in 2009. “American business interests are expanding here in Oman, and it’s also happening the other way round, with more Omani companies looking for assistance in exploring US markets,” said Rebecca Olson, Executive Director of the OABC.
On February 8th, the OABC will host an open seminar that explores key corporate regulations and tax considerations for those who are looking to invest in the United States. The two keynote speakers, from the global law firm Squire Patton Boggs, will inform attendees about business setup in the U.S. under the FTA, among other pertinent corporate issues.