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FINANCIAL NEWS
Hong Kong eyes Oman as trade hub
16 Nov 2014
(MENAFN) Hong Kong said that they are considering Oman to become a possible distribution hub for automobile and electronics products to the Gulf and African markets, with expectations that bilateral trade to grow by more than ten times over the next three to five years between the two sides, Muscat Daily reported.
The bilateral trade between Oman and Kong, which reached USD153.9 million in 2013, has grown more than three times in comparison with USD48 million in trades in 2003, when trading ties were first established.
Hong Kong said that they are interested in Oman as a distribution hub for automobiles, electronics, which accounts for half of its total exports, as well as agro-food products, especially since their products, particularly electronics, are high in demand in this region and Africa.
Hong Kong said that increasing bilateral trade will be mutually beneficial for both sides, with Oman becoming a gateway to them to the Gulf region and Africa, while Hong Kong becomes a gateway for Omani investors to China and South-East Asia.
“Our companies know the China market very well and it would be easier for Omani firms to do business with China through companies in Hong Kong. By doing so, we are confident of boosting trade volumes. We can easily increase bilateral trade by more than ten times in the next three to five years,” Chairman of the Federation of Hong Kong Industries said.
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