Hong Kong seeks to broaden its economic relationship with Oman
Hong Kong, a special administrative region of China, is in pursuit of establishing a strong business and trade relationship with GCC countries, including the Sultanate of Oman.
Speaking to the Observer recently, Simon Chan, Director-General at the Hong Kong Economic and Trade Office in Dubai said, "My office, as the official representative of the Hong Kong government in GCC, has been working with the Ministry of Commerce and Industry and Investment Promotion (MOCIIP) and the Oman Investment Authority (OIA) to help businesses from both sides to coordinate on investment and project financing opportunities.
The volume of merchandise trade between Hong Kong and the Sultanate of Oman is around US$200 million. "We see the Sultanate of Oman in parallel with the GCC, which has a common goal when it comes to economic development by promoting investment. Hong Kong is open to trade agreements with the GCC, as well as bilateral agreements individually with any of these six countries, including the Sultanate of Oman."
He was recently in the country to visit government institutions and companies, and promote Hong Kong's trade relations with Oman.
He also attended a ceremony where OIA's Future Fund Oman (FFO) and Hong Kong-based private equity firm Templewater formed a US$200 million energy transition fund to spur investment.
The fund will invest in strategic sectors such as clean molecules, green data centres, energy storage, smart mobility, and renewable energy, including solar and wind. It will also focus on industrial innovation, energy efficiency, and scalable technologies tailored for Oman and regional markets.
During the visit, Chan and his team were also in touch with the national logistics company, Asiad, which has forged special trading relationships with big Asian markets like China and India. "We can provide them easy access to the Asean market and even within China itself. Hong Kong's unique advantages under the 'one country, two systems' principle will certainly provide arrangements that could facilitate international companies based in Hong Kong to do business not only in Hong Kong, but also in various cities in China."
The Association of Southeast Asian Nations (Asean) is a regional grouping of 10 states in Southeast Asia to promote economic and security cooperation among its ten members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It is among the fastest-growing regions in the world, and also Hong Kong's second-largest trading partner.
Omanis can benefit from investment in Hong Kong as it is a pro-business economy with regulations friendly and simple for both overseas companies and individuals. Hong Kong ranks as the world's freest economy by the Fraser Institute, and the world's third most competitive economy by Switzerland's IMD World Competitiveness Yearbook.
"We have a one-stop service free of charge for investors, including help in opening a bank account, setting up office premises, and registration for any government procedures. The stock market in Hong Kong is very transparent, and the common law system and the international arbitration institution, in case of any disputes for companies that are new to Hong Kong.
It may be noted that the passport holders of the Hong Kong Special Administrative Region (HKSAR) can visit Oman visa-free for a stay of up to 14 days, a move that will help strengthen the tourism, cultural, and economic ties.
Omani citizens do not need a visa to enter Hong Kong for a limited period, which is around 30 days, but travellers need to ensure their passport is valid for at least six months beyond their intended stay in Hong Kong.
As merchandise trade between Hong Kong and GCC amounted to over US$19.86 billion in 2024, Hong Kong sees GCC as one of the important regions of the Belt and Road Initiative, which aims to facilitate connectivity and unimpeded trade, promote people-to-people bonds, and advance financial integration and regional cooperation.
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