The Sultanate of Oman took part in the inaugural Gulf-China Industrial and Investment Cooperation Forum, held in Xiamen, China, on 23-24 May 2024. Led by Dr Saleh bin Saeed Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion, the Omani delegation was active in discussions aimed at enhancing industrial and investment relations between the Gulf Cooperation Council (GCC) and China.
This forum is a result of the Xiamen Ministerial Initiative, introduced by Chinese President Xi Jinping at the first China-Gulf Summit in December 2022. The initiative advocates for a dedicated China-GCC forum to enhance industrial and investment cooperation. Key discussions at the forum focused on setting up this new platform and examining joint ventures and projects to strengthen the economic partnership between the two regions.
As reported by Zawya, Dr Masan underscored the forum’s significance in fostering stronger economic ties, particularly in trade, investment, knowledge sharing, and technical cooperation. He pointed out the potential for collaboration in green industries and renewable energy, areas where China holds substantial expertise.
Oman and China already maintain a strong trade relationship, with bilateral trade surpassing $30 billion in 2023. Omani exports, mainly oil, gas, and petrochemicals, amounted to over $24 billion, while imports from China, including cars, electronics, and machinery, totalled $2.82 billion. Additionally, Chinese direct investments in Oman increased by 27.8 percent in 2023, reaching $3.45 billion, with projects focusing on energy, infrastructure, and commercial development.
Beyond the forum, Dr Masan engaged with representatives of clean energy companies, showing interest in their expertise and inviting them to explore investment and partnership opportunities in Oman.
