Oman

Oman recorded modest real GDP growth of around 1.6–1.7% in 2024, with non-oil sectors expanding faster than the hydrocarbon economy. Inflation remains in the low single digits, creating a stable environment for business planning. Although public debt rose sharply in previous years, the government is implementing a fiscal consolidation plan that is gradually improving debt indicators. Swiss exporters should view Oman as a stable market with clear long-term development priorities, particularly outside hydrocarbons.

Switzerland’s exports to Oman are led by precision instruments, watches, jewellery, machinery and technical equipment. Oman’s import demand is growing, particularly for industrial goods and high-tech products, reflecting its diversification objectives. Trade ties are supported by the EFTA–GCC Free Trade Agreement, which facilitates market access for Swiss companies. As Oman increasingly sources industrial equipment, technology and advanced services from abroad, opportunities remain strong for Swiss high-value products.

Significant opportunities exist in pharmaceutical manufacturing, with the government actively offering incentives to international companies to establish local production. Swiss firms also have strong potential in green hydrogen, renewables, industrial machinery, digital infrastructure and port/logistics solutions. Investments in LNG expansion, solar integration and hydrogen projects open the door for Swiss engineering, cleantech and energy-system expertise.

The most promising sectors for Swiss exporters include pharmaceuticals and medical manufacturing, where direct government incentives and expanding domestic production capacity create favourable conditions for investment. Strong opportunities also exist in green hydrogen and renewable energy, which are central to Oman’s national diversification strategy and supported by a broad pipeline of major projects. Industrial and logistics infrastructure is another attractive area, particularly with the ongoing expansion of ports and manufacturing hubs in Duqm. Additionally, demand is growing for advanced digital technologies that support e-government, automation and modern industrial systems, offering Swiss companies a competitive edge.

Swiss companies should prepare for regulatory complexities, varying approval procedures and occasionally slow administrative processes. Dependence on hydrocarbons exposes Oman to oil-price volatility, which can impact public spending and investment cycles. In some sectors, restrictions on foreign participation or local-content requirements may apply. Careful market due diligence and strong local partnerships are essential for successful and sustainable operations.