Oman-China trade exceeds RO 10 billion in 2023
Published: 03:09 PM,Sep 18,2024 | EDITED : 07:09 PM,Sep 18,2024
The Oman-China Business Forum aims at strengthening private sector investment ties between the two countries.
MUSCAT: Bilateral trade between the Sultanate of Oman and the People's Republic of China amounted to RO 10.4 billion in 2023, according to a key official of the Oman Chamber of Commerce and Industry (OCCI) Addressing the Oman-China Business Forum on Wednesday, September 18, 2024, Eng Hamoud bin Salem al Saadi, Second Deputy Chairman – OCCI, Al Saadi highlighted the significance of the bilateral ties.
“China is one of Oman's most prominent trading partners,” the official noted. “The trade exchange between the two countries reached more than RO 5.6 billion ($14.5 billion) by the end of June last year and more than RO 10.4 billion ($27 billion) by the end of 2023. This calls for continued efforts to enhance these partnerships, especially considering Oman's investment potential, strategic location, modern infrastructure, roads, airports, and ports overseeing global shipping and navigation routes. This positioning qualifies Oman to be a global export hub, in addition to the agreements Oman has with several countries and economic blocs.”
Underscoring the significance of the Forum, Al Saadi said the Oman-China Business Forum builds on the progress made in enhancing trade and economic partnerships between the Sultanate of Oman and the People's Republic of China, noting that the private sector in both countries is the primary driver of these partnerships.
He added that the current phase of implementing Oman Vision 2040 is filled with numerous investment opportunities in various sectors, including those highlighted by this forum such as agriculture, fisheries, industry, and logistics, in addition to sectors like technology, artificial intelligence, legal services, media, renewable energy, and construction.
“These sectors have vast potential, especially with the projects being implemented by the Sultanate of Oman, such as infrastructure and urban development projects and logistics services across various seaports,” he stated.
Yu Jianlong, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), also hailed the growing economic relationship between the two countries. “Over the years, China and Oman have shared a strong relationship, and their trade relations have been continuously improving. This progress is thanks to the efforts of the Oman Chamber of Commerce, the CCPIT, and all the business people represented here today. In the future, we need to strengthen our bilateral ties with the Oman Chamber of Commerce to bring more Chinese business people here to identify areas of cooperation.” The Vice Chairman also shed some insight about the future of Chinese investments in the country.
“Chinese companies have already invested in Oman in sectors such as infrastructure, the chemical industry, and the energy industry. In the future, more Chinese companies will be interested in investing in new energy, telecommunications, and electric vehicles (EVs), as these are areas encouraged by the Omani government to attract foreign investment.”
Jianlong further added: “The second area where we can make more efforts is aligning our initiatives with the Belt and Road Initiative and Oman's Vision 2040. These initiatives provide opportunities to enhance cooperation in sectors like scientific innovation, green technology, digital technology, and artificial intelligence. There's significant potential for collaboration in these areas.”
The forum also included B2B meetings, and a presentation by Invest in Oman, highlighting the various incentives offered by the government. Additionally, the CCPIT showcased an introduction about the China International Supply Chain Expo (CISCE), which will be held from November 26 to 30, 2024, in Beijing. An Omani delegation will be attending the event.
“China is one of Oman's most prominent trading partners,” the official noted. “The trade exchange between the two countries reached more than RO 5.6 billion ($14.5 billion) by the end of June last year and more than RO 10.4 billion ($27 billion) by the end of 2023. This calls for continued efforts to enhance these partnerships, especially considering Oman's investment potential, strategic location, modern infrastructure, roads, airports, and ports overseeing global shipping and navigation routes. This positioning qualifies Oman to be a global export hub, in addition to the agreements Oman has with several countries and economic blocs.”
Underscoring the significance of the Forum, Al Saadi said the Oman-China Business Forum builds on the progress made in enhancing trade and economic partnerships between the Sultanate of Oman and the People's Republic of China, noting that the private sector in both countries is the primary driver of these partnerships.
He added that the current phase of implementing Oman Vision 2040 is filled with numerous investment opportunities in various sectors, including those highlighted by this forum such as agriculture, fisheries, industry, and logistics, in addition to sectors like technology, artificial intelligence, legal services, media, renewable energy, and construction.
“These sectors have vast potential, especially with the projects being implemented by the Sultanate of Oman, such as infrastructure and urban development projects and logistics services across various seaports,” he stated.
Yu Jianlong, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), also hailed the growing economic relationship between the two countries. “Over the years, China and Oman have shared a strong relationship, and their trade relations have been continuously improving. This progress is thanks to the efforts of the Oman Chamber of Commerce, the CCPIT, and all the business people represented here today. In the future, we need to strengthen our bilateral ties with the Oman Chamber of Commerce to bring more Chinese business people here to identify areas of cooperation.” The Vice Chairman also shed some insight about the future of Chinese investments in the country.
“Chinese companies have already invested in Oman in sectors such as infrastructure, the chemical industry, and the energy industry. In the future, more Chinese companies will be interested in investing in new energy, telecommunications, and electric vehicles (EVs), as these are areas encouraged by the Omani government to attract foreign investment.”
Jianlong further added: “The second area where we can make more efforts is aligning our initiatives with the Belt and Road Initiative and Oman's Vision 2040. These initiatives provide opportunities to enhance cooperation in sectors like scientific innovation, green technology, digital technology, and artificial intelligence. There's significant potential for collaboration in these areas.”
The forum also included B2B meetings, and a presentation by Invest in Oman, highlighting the various incentives offered by the government. Additionally, the CCPIT showcased an introduction about the China International Supply Chain Expo (CISCE), which will be held from November 26 to 30, 2024, in Beijing. An Omani delegation will be attending the event.