March 16 - Sohar Port and Freezone has said that it aims to capitalise on the economic slowdown in China by focusing on the opportunities being created in booming regional markets.
"China has cut its economic forecasts and set a much-reduced growth target of 7 percent for 2015. This will be the first time it has registered single digit growth for the best part of three decades. Its property sector is shrinking too, and while foreign trade fell by 11 percent in January, the opportunities are there," said Sohar executive commercial manager Edwin Lammers.
"For a start, the Middle East's construction sector is a huge generator of breakbulk and project cargo, which grew by 51 percent at Sohar last year. Saudi Arabia and the UAE have for a long time commanded the top two positions in terms of spending, and Oman also awarded USD3.53 billion in infrastructure tenders last year.
"As demand for breakbulk imports continues to grow, our aim is to attract cargo volumes to Sohar. We have the demand, the space, competitive energy rates, and a skilled workforce that can cater to Chinese and other investors that are involved in Asia's various global supply chains," Lammers went on.
A delegation from Sohar will be attending the Breakbulk China event this week to promote such economic opportunities between Oman and China.
Sohar Port and Freezone, Oman.