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24 September, 2018 00:00 00 AM
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China-Oman economic cooperation in full swing

Xinhua

The economic cooperation between China and Oman is in full swing at a time when China and Arab countries are forging ahead with closer ties, experts said, reports Xinhua from Muscat.

“China’s relationship with Oman is one of the most distinguished relations that China has with a foreign country in the world in general and the Arab world in particular,” Jalal al Lawati, director of promotion and marketing at the Duqm Special Economic Free Zone, in Al Wusta Governorate in eastern Oman.

He commended the rising diplomatic, political and economic cooperation between China and Oman, citing the Chinese Industrial Park, built by the Chinese-owned WanFang Company in the Duqm Special Economic Free Zone, as the clearest evidence.

The park is built on an area of 11.7 hectares with investments estimated at 10.8 billion U.S. dollars by its completion.

Al Lawati said that the Chinese Park is in full swing as the first phase is under way currently. “This project represents one of the big Chinese investments abroad, especially in the Arab countries,” he said.

“The relations between the two countries are historic, as the diplomatic ties started in 1978,” he said.

Also, an agreement was signed to prevent double taxation in 2002, followed by the establishment of the joint Omani-Chinese Committee and the Oman-China Friendship Association. The exchanges of visits by officials from both countries have been continuing, al Lawati noted.

At the end of 2016, the volume of Chinese investment in the Sultanate reached about two billion dollars, while the volume of the bilateral trade reached 17.2 billion dollars.

Moreover, Omani oil exports to China reached 237 million barrels, which accounts for 77 percent of its total oil exports, and 10 percent of Chinese oil imports. Also, Oman’s non-oil exports to China amounted to 192 million dollars.

Al Lawati also mentioned that Oman and China are working on the development of a seaport in Tanzania, which indicates the depth of cooperation between the two countries.

WanFang Company, which includes an umbrella of all Chinese companies investing in Duqm, has been making efforts to promote the friendly ties between the two countries. The Chinese company has been sponsoring Omani students’ studying trips to China.

Suror al Junaibi, one of the students who have studied in China on a fellowship provided by WanFang in cooperation with Duqm Special Free Economic Zone, praised the role played by

Chinese companies in regard to social responsibility.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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