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SME breaks into lucrative Rwandan market

4 Jul 2020

An Omani small and medium enterprise (SME), Lotus Oil Lubricantshas added Rwanda to its burgeoning portfolio of export destinations. The Buraimi-based manufacturer recently shipped 20 tonnes of engine oil valued at US$28,000 from the Port of Sohar to Rwanda.  

“I’m thrilled to see an SME like Lotus Oil Lubricants tap into the African market. They’re a shining example of what local SMES can achieve on the export front,” said Saif al Mamari, Assistant Director General of Exports at Ithraa, Oman’s investment promotion and export development agency.  

Commenting on the shipment, Hamdan Rashid al Eisaei, owner of Lotus Oil Lubricants, said, “Africa is the world’s second fastest growing region, experiencing average annual GDP growth of 4.6%. It’s this rapid growth that caught our eye and that’s why we participated in January’s OPEX Trade show in Kigali. The event introduced us to a number of opportunities in the Rwandan market and we hope this initial shipment of engine oil to Kigali will be the beginning of a long-term trade relationship. We’re excited about what the future holds for the company on the international front.”  
With a steadily growing population heading towards 2 billion, Africa’s 1.1 billion workforce will be the world’s largest by 2040. Equally, with US$1.4tn of consumer spending, many in Oman’s business community see the opportunities the continent’s 500 million new middle class consumers’ presents.  

Commenting on the news of Lotus Oil Lubricant’s exports to Rwanda, Mamari, said, “Ithraa is delighted to have been of assistance to Lotus Oil Lubricants as they grow their export reach. My team is passionate about helping Oman’s private sector harness economic growth wherever in the world it’s taking place. This means supporting local businesses and ensuring they can compete in an increasingly competitive global marketplace. And, it means strengthening our relationships in key markets like Africa, deepening our understanding, and working together to seize the opportunities.”  
Mamari added, “Oman-made goods and services are already held in high regard in Africa, as well as other export destinations, for their quality and reliability with their competitive price point adding to their popularity.”  
Africa is an important region, especially with the creation of the African Continental Free Trade Area and commitment to greater regional economic integration. Today, it is home to eight of the 15 fastest growing economies in the world and its economic prosperity matters to Oman.  

In conclusion, Mamari noted, “Any local company interested in breaking into international markets and taking advantage of the global appetite for Oman-made goods and services, should contact us. We want to see more companies like Lotus Oil Lubricants taking advantage of the commercial opportunities available in markets like Rwanda.”

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