Oman’s political stability attracting investments

Muscat: The Sultanate is an “attractive” destination for foreign investment as it is characterized by a stable political situation, a developed legal system, natural resources and economic diversification, Yu Fulong, Chinese Ambassador to the Sultanate, has said.

Speaking at a press conference held at the Chinese Embassy in Muscat on Sunday, he described ‘Tanfeedh’, the national programme for enhancing economic diversification, as “an ambitious programme to encourage foreign investors”.

The ambassador said the volume of investments between the Sultanate and China will increase in the coming years and both sides will form a joint working group to discuss ways of developing investment between them.

“Chinese investments in Oman will not be limited to Duqm Special Economic Zone Authority, but will include Muscat, Salalah, Sohar and other areas,” he said.

Lauding Oman for playing an important role in the ‘Belt and Road’ initiative, he said the year marks the 40th anniversary of diplomatic relations between China and the Sultanate.

He said in the past four decades, China and Oman have “established relations of respect and equality”, which has “promoted friendship as well as rapid and comprehensive development of bilateral relations” between the two countries.

According to him, establishing a strategic partnership constitutes a strong political guarantee for the development of relations, which leads to further collaboration in the ‘Belt and Road’ initiative and safeguard joint interests in regional and international matters.

“China is ready to join efforts with the Sultanate, based on mutual respect and common development, to achieve and maintain world peace in order to promote strategic relations and deepen cooperation to fulfil greater achievements”.

Speaking about the 8th Ministerial Meeting of the China-Arab States Cooperation Forum, which was held in Beijing, he said the meeting saw 300 representatives from the member states of League of Arab States (LAS), its Secretariat and concerned Chinese parties to discuss ways to build up Belt and Road, and “promote collective cooperation that shape the broad blueprint for China-Arab relations” in the current era.

The forum, established in 2004, has gradually become a platform for collective cooperation covering all fields and includes over 10 indicating mechanisms,” he said.

“China has signed an agreement to be a part of Belt and Road along with nine Arab countries and established comprehensive strategic partnerships and cooperation with nine Arab countries as well,” he added.