The Korea Federation of Small and Medium Enterprises said on the 12th that Chairman Kim Gi-moon visited Oman and held relay meetings with Faisal Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce, and Qais bin Mohammed Al Yousef, Minister of Commerce and Industry of Oman.
Faisal Al Rawas, Chairman of the Oman Chamber of Commerce, noted, "I request that the 16th Baekdu Forum, as the first step for Korean small and medium enterprises with outstanding technology to enter Oman, be held in Muscat rather than elsewhere."
The Baekdu Forum is a global forum held by the Korea Federation of Small and Medium Enterprises since 2010 to assist small and medium enterprises in their overseas expansion while touring countries closely engaged in economic exchanges with Korea.
He also conveyed, "Before the Omani delegation visits the Osaka Expo in Japan this April, I hope that they stop by Korea to share lists of preferred industries between the two organizations for practical exchange cooperation."
During the subsequent meeting, Qais Al Yousef, Minister of Commerce and Industry of Oman, said, "I am aware of the Oman Chamber's proposal to hold the Baekdu Forum in Muscat, and the Omani government will actively support investment presentations and incentives for corporations looking to enter the market," requesting a bridging role between the Omani and Korean governments.
"As Oman has a free trade agreement (FTA) with the United States, which provides many incentives, it would be more beneficial for Korean corporations to produce and export products from Muscat than to export from Korea. Also, affordable labor supply from countries like Pakistan and Sri Lanka presents many areas for cooperation with Korean small and medium enterprises," he emphasized.
Chairman Kim Gi-moon stated, "At the 2023 Dubai Forum, we introduced Korean small and medium enterprises in medical devices, pharmaceuticals, smart farms, etc., achieving good results. While Oman may present unfamiliar aspects to Korean businesspeople, as both institutions strongly request to hold the Baekdu Forum in Oman, expanding cooperation not only through simple product exports but also through joint ventures with local corporations will benefit both countries' corporations," he said. Chairman Kim also suggested, "When the Omani delegation visits Korea, let's jointly hold a business round table to match the necessary technologies and industries for both sides."