Bilateral trade between Oman and China reached OMR10.4 billion ($27 billion) in 2023, as reported by a prominent official from the Oman Chamber of Commerce and Industry (OCCI). During the Oman-China Business Forum, Eng. Hamoud bin Salem Al Saadi, the second deputy chairman of OCCI, emphasized the importance of the relationship between the two nations, the Oman News Agency (ONA) reported.
Al Saadi highlighted that the Oman-China Business Forum serves to further the advancements in trade and economic collaboration between Oman and the People’s Republic of China, pointing out that the private sectors in both nations are crucial to driving these partnerships.
Key trading partner
Moreover, Al Saadi noted that China stands out as one of Oman’s key trading partners and mentioned that trade between the two countries exceeded OMR5.6 billion ($14.5 billion) by the end of June last year and surpassed OMR10.4 billion ($27 billion) by the close of 2023. He stressed that this progress necessitates ongoing efforts to strengthen these partnerships, especially given Oman’s investment potential, strategic location, and modern infrastructure, including roads, airports, and ports that are pivotal to global shipping and navigation. He indicated that this advantageous positioning qualifies Oman as a prospective global export hub, bolstered by its agreements with various nations and economic blocs.
Furthermore, Al Saadi reiterated the significance of the Forum, stating that it builds on the strides made in bolstering trade and economic relations between Oman and China, with the private sectors of both countries at the forefront.
Investment opportunities in Oman Vision 2040
Al Saadi also noted that the current phase of implementing Oman Vision 2040 presents numerous investment opportunities across diverse sectors, including those emphasized in the forum, such as agriculture, fisheries, industry, and logistics, as well as technology, artificial intelligence, legal services, media, renewable energy, and construction.
Read more: UAE-Oman trade surpasses $117 billion over 12 years
Potential for growth
He added that these sectors hold immense potential, particularly with ongoing projects in Oman related to infrastructure and urban development, as well as logistics services across various seaports.
The forum featured B2B meetings and a presentation from Invest in Oman, detailing the incentives provided by the government. Additionally, the China Council for the Promotion of International Trade (CCPIT) presented information about the China International Supply Chain Expo (CISCE), scheduled for November 26 to 30, 2024, in Beijing, where an Omani delegation is expected to participate.
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