Hong Kong Expands Economic Ties with Oman: What This Means for Investors and Business Growth
MUSCAT: Hong Kong, a Special Administrative Region of China, is actively pursuing stronger business and trade ties with GCC countries, including the Sultanate of Oman.
Simon Chan, Director-General of the Hong Kong Economic and Trade Office in Dubai, shared with the Observer that his office, representing the Hong Kong government across the GCC, is collaborating closely with Oman’s Ministry of Commerce and Industry and Investment Promotion (MOCIIP) and the Oman Investment Authority (OIA). This partnership aims to facilitate coordination between businesses from both sides on investment and project financing opportunities.
Currently, the merchandise trade volume between Hong Kong and Oman stands at approximately US$200 million. Chan emphasized that Hong Kong views Oman alongside other GCC nations as part of a shared economic development vision focused on boosting investment. Hong Kong remains open to trade agreements with the GCC collectively, as well as bilateral agreements with individual member states, including Oman.
During a recent visit to Oman, Chan engaged with government entities and companies to further promote trade relations. Notably, he participated in a ceremony marking the launch of a US$200 million energy transition fund established through a partnership between OIA’s Future Fund Oman (FFO) and Hong Kong-based private equity firm Templewater. This fund targets strategic sectors such as clean molecules, green data centers, energy storage, smart mobility, and renewable energy sources like solar and wind. It will also support industrial innovation, energy efficiency, and scalable technologies tailored to the Sultanate and the broader region.
Chan and his team also connected with Asiad, Oman’s national logistics company, which has established significant trade links with major Asian markets like China and India. Highlighting Hong Kong’s unique position under the “one country, two systems” framework, Chan noted that Hong Kong offers international companies facilitated access to both the ASEAN market and multiple Chinese cities.
The Association of Southeast Asian Nations (ASEAN), comprising ten member states, is among the fastest-growing global regions and ranks as Hong Kong’s second-largest trading partner.
For Omani investors, Hong Kong presents an attractive, pro-business environment with straightforward regulations for foreign companies and individuals. Hong Kong is recognized as the world’s freest economy by the Fraser Institute and ranks third in global competitiveness according to Switzerland’s IMD World Competitiveness Yearbook.
Hong Kong provides a free one-stop service to investors, assisting with bank account openings, office setup, and government registrations. Its stock market is noted for transparency, supported by a common law system and international arbitration institutions that offer security for new businesses.
Additionally, Hong Kong Special Administrative Region (HKSAR) passport holders can visit Oman visa-free for up to 14 days, enhancing tourism, cultural, and economic connections. Omani citizens can also enter Hong Kong visa-free for short stays of about 30 days, provided their passports remain valid for at least six months beyond their visit.
Trade between Hong Kong and the GCC reached over US$19.86 billion in 2024. Hong Kong considers the GCC a vital region within the Belt and Road Initiative, which promotes connectivity, free trade, people-to-people ties, financial integration, and regional cooperation.
Special Analysis by Omanet | Navigate Oman’s Market
The deepening trade and investment ties between Hong Kong and Oman signal significant growth opportunities for Omani businesses, especially in sectors like clean energy, smart mobility, and industrial innovation. Smart investors should capitalize on the newly formed $200 million energy transition fund and leverage Hong Kong’s strategic position as a gateway to Greater China and ASEAN markets. However, entrepreneurs must also stay agile to navigate regulatory nuances and maximize benefits from these evolving bilateral frameworks.
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