In 2022, the industry in the first seven months of the year totaled $20. 5 billion in value.
The bilateral industry between the Sultanate of Oman and China jumped, in value, to 32 billion ro in 2021, an accumulation of 71. 5% compared to last year. China’s imports from Oman rose 18. 5% to 44. 082 million tonnes in 2021, according to Li Lingping, China’s ambassador to the Sultanate of Oman.
Addressing the observer, Ambassador Lingping noted that the bilateral industry between the two countries is a central detail of their multifaceted bilateral relations.
“China has been the wife of the Sultanate of Oman for many years,” the ambassador said. He added that cooperation between the Sultanate of Oman and China has resulted in fruitful achievements in politics, economy, trade, investment, humanities and others.
In 2022, the industry in the first seven months of the year amounted to a total value of $20. 5 billion, up 40% from the corresponding era of 2021.
China imported 21 million tonnes of oil from Oman in 2021, a 41% increase over last year. These volumes are expected to increase with China’s economic development, Ambassador Lingping noted.
“The Chinese Embassy is boosting and strengthening cooperation in the fields. It also encourages Chinese enterprises operating in the Sultanate to assume their social responsibility, participate in the economic and social structure of Omani society and contribute to the progress of the Sultanate. of Oman in the fields of virtual economy and cutting-edge technology,” he said.
While oil dominates its bilateral relations, China has also slowly established itself in Oman’s non-oil sectors, in line with its Belt and Road Initiative (BRI), a task aimed at infrastructure progression and cooperation to allocate Beijing’s influence in the world.
The Oman-China Friendship Association has strived to establish cooperative ties and decorate their joint projects in various economic, social, cultural, clinical and sports fields over the past decade. Since then, China has introduced the China-Oman Industrial Park into the Duqm Special Economic Zone. Area and plans to invest about 8,500 million euros in the project.
In addition, in 2019, State Grid Corporation of China acquired a 49% stake in Oman Electricity Transmission Company in the first primary privatization of its kind through the Sultanate.
In addition, the Asian Infrastructure Investment Bank (AIIB) has a key source of financing for Oman’s projects; In 2016, the Bank approved a $265 million loan for Oman’s maritime infrastructure at the port of Duqm and $36 million (€30. 2 million) for the country’s first rail system.
In 2017, the AIIB invested $239 million (€200 million) in Oman’s national fibre optic broadband network and in March 2020, $60 million (€50. 3 million) in non-sovereign financing for Oman’s 500 MW independent Ibri II solar PV project.
Similarly, the Ministry of Technology, Communications and Information Technology signed a partnership with Huawei to expand Oman’s virtual society and ICT sector. As a result, China’s foreign direct investment (FDI) in Oman more than quintupled between the current quarter of 2018 and 2019, from RO 95 million (EUR 208. 5 million) to RO 486. 2 million (EUR 1. 07 billion).
Deepening ties with China says a lot about Oman’s broader strategy to diversify its economy away from hydrocarbons by attracting foreign capital and into non-oil sectors. The momentum is guided through several five-year plans that align with the overall goals of Vision 2040.
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