Chinese construction firms eye investment in Oman
Pipe and machinery production, energy and mining may be targeted
Oman is attracting interest as an investment destination for pipe manufacturing, construction machinery production, energy and mining from three Chinese companies.
Bright Oceans Corporation, Ningxia Qinlong Pipes Industry Co Ltd, and Sany Heavy Industry are said to be eyeing the sultanate after meeting Oman’s delegation at October’s China–Arab States Economic & Trade Forum.
Initial discussions at the event were deemed a success by all parties, according to a statement from the Public Authority for Investment Promotion and Export Development (Paiped).
Oman’s free zones, strategic geographic location and international trade and investment policies were of particular interest to the companies, it added.
Nisreen Jaffar, consultant at the Public Authority for Investment Promotion and Export Development (Paiped), said: “Paiped is working on updating a five-year investment promotion strategy for the sultanate that identifies priority sectors and target markets. Our current focus is on building investor relations and highlighting Oman’s business climate, laws, procedures and key projects, as well as introducing international investors to potential local partners.”
Jaffar highlighted Oman’s long history of trade with China; a relationship that grew from $55.4m in foreign direct investment in 2007 to $60.5m in 2011.
“Seeing new potential for inward investment is promising and demonstrates how important international trade shows are for positioning the sultanate as a business destination,” Jaffar said.
With China’s unprecedented growth in the last decade, its trade with the Gulf Cooperation Council (GCC) has increased significantly. China’s government has plans to further increase outward investments by another 17% by the end of 2014, with Oman hopeful of attracting some of that investment.