The Opportunities and Challenges of Global Business: Case of Siemens Power Company, Oman

Abstract

This paper examines Oman's global business environment through a variety of aspects, encompassing economic, political, social, and cultural. It addresses the topic of globalization's external forces and how they affect businesses in Oman, emphasizing the value of managing risks and gaining strategic advantage, pursuing new growth opportunities, getting access to cheap labor and raw materials, making investments in global connections, and growing economies of scale. The currency exchange rate, inflation rate, tax implications for international trade, national GDP, and per capita income levels are all covered in the economic study of Oman. The paper additionally glances at Oman's political, social, and cultural environment and how those factors impact transnational corporate activities. The conclusion offers suggestions for companies looking to break into the Omani market. Secondary sources, including scholarly journals, business reports, and government publications, served as the foundation for the research methods followed in this study.