In a world where SMEs should be the backbone of every economy, TRADE8 INTERNATIONAL has created the INNOVATION HUB, a hub of connection focusing on everything related to innovation, including the technology and financial domains. Its goal is to tighten the commercial and trade ties between all countries, fostering synergies in three main pillars:
Education
Innovation
Business development
Experience to
foster innovation
Oman as a central hub for transactions of goods and services taking advantage of its prime geographical location and existing commercial ties with certain markets for which European markets have little or no access to.
A central entity as the single point of contact between various Omani authorities each working at their own level in terms of investment and export opportunities to single channel information to and from Oman.
An international innovation hub focusing on education, innovation and business development to support the SME sector by importing experience and know-how to and from Oman to stimulate innovation clusters & organize innovation.
As a result of these findings, TRADE8 INTERNATIONAL was established in the beginning of 2020 with the aim of becoming the government’s commercial arm as a one single channel of communication giving maximum visibility to all business operations present on both sides, closing the gap of at times missed opportunities due to multiple communication channels. To further deepen commercial ties, TRADE8 INTERNATIONAL created the INNOVATION HUB dedicated to sharing know-how and best practices with Omani SMEs.
Sustainability
Following the national priorities set out in the Vision 2040 plan and in line with preparing the post COVID19, innovation to support SMEs is now more than ever at the heart of economic growth, competitiveness and diversification of the Oman economy.
Phase 1
- Build a recovery strategy
- Rethink the business portfolio
- Assess market opportunities
- Identify opportunities to gain share
Phase 2
- Thoroughly assess market and tendency shifts
- Ideate how to evolve products and services
- Prepare a plan for long term implications
The Innovation Hub’s idea is to promote Oman as a hub in which foreign countries that it represents can find suitable opportunities by exchanging material (ex: land) and non-material assets (ex: know how/ technology). This is a circular model in which the outputs of non-material assets positively impact the input of material assets and vice versa and is a different way to look for investment. It can be understood as a form of countertrade buyback system.
