Tuesday 26 / November / 2024
When the United Nations Educational, Scientific and Cultural Organisation (UNESCO) launched a global appeal in 1990 to reexamine the ancient Silk Road, the impact it left on ancient and modern civilizations and its influence on human communication and the exchange of cultures, values and experiences, Oman also adopted the initiative and His Majesty Sultan Qaboos bin Said put his private yacht under the command of the scientific expedition that was sent by UNESCO.
This step was taken 13 years before the launch of the Silk Road initiative and clearly reflected Oman’s willingness to play a vital role in making it a success.
Historically, Oman was the most significant gateway for the Gulf region and MENA countries. The relations between Oman and China date back to over 2,000 years ago during which trade flourished through land and sea caravans crossing the ancient Silk Road. These caravans carried beautiful and highquality handcrafted products in exchange for Chinese silk.
Oman has been mentioned as a key partner to China in documents that belonged to the Han Dynasty, which ruled China between 225 – 206 BC. The Sultanate was a major hub for the Silk Road until the Ming Dynasty. This relationship further developed after the establishment of the People’s Republic of China in 1949 and the Omani Renaissance that was led by His Majesty Sultan Qaboos bin Said in 1971.
In 1980, the Omani ship ‘Sohar’ took off from the country’s shores to reach the Port of Guangzhou in China in 1981. The goal of this trip was to boost trade and diplomatic relations between China and Oman and revive their mutual partnership.
The year 1980 proved a watershed for Oman in other aspects too. This was when the Sultanate started to enhance its role as a gateway that connects East and West, led by the leadership’s efforts in conducting economic and diplomatic mediations. Through this role, the Sultanate was able to initiate a responsible dialogue that could lead to a permanent solution to international disagreements, especially the relations between western powers such as the United States and Britain, and Iran.
Fast forward to present times, and Oman has convincingly proved its ability to revive international trade. In 2013, trade between Oman and China reached US$23 billion. While this number may not be the highest between China and Gulf countries in general, what is unique about it is that Omani exports amounted to US$22 billion, while only one billion dollars’ worth of products were imported from China.
Even though these exports originate from oil and gas products, replacing them with nonoil products in the future will have added value in reflecting the Omani economy’s transformation from an oilbased to a nonoil based economy. We see a positive indicator in the steady, albeit slow growth of our economy, unlike other economies that are witnessing rapid but largely fluctuating growth.
Needless to say, the Silk Road will become the major path for global trade activities amidst the clear international trend for repositioning and relying on new markets, with a special focus on the East.
However in order to boost Oman’s position on the global economic landscape and the Silk Road map we must not lose sight of a number of objectives. A key priority would be to maintain our current state of sustainable stability in the political, economic and social arenas.
Oman’s strategic policy has been outlined by a wise, indepth analysis of the state of the global economy and its growth prospects. It is based on the realisation that security in national markets and economic sectors comes as a result of the country’s key role in stabilising the region as well as the social harmony among its residents, transcending cultural and religious backgrounds. This leads to increased confidence among potential investors, attracting more responsible and sustainable
ventures.
On a related note, we must boost our national relations with regional players Oman has long been a historical gateway that connects world cultures and civilisations. It has played a key role in exchanging human experiences and enriching them, and there is no better time than now for us to use our strong ties with our allies to their best potential.
In order to fully address our objectives, we must lay a special focus on legislation that supports investors, paired with a series of campaigns promoting our most attractive industries, their infrastructure and our economy’s ability to rely on nonoil sectors.
We must take pride in Oman’s rich heritage in manufacturing and industries. Let us not forget that the first ever shipyards were built in Oman. Thousands of years ago, our handcrafted products were traded in world markets. We also have a productive human capital that can make a remarkable difference in its economic status with the help of advanced technologies. Most importantly, this human capital belongs to a stable social structure that is proud of its past and present.
The Omani people are indeed the cornerstone for our transformation into a productive society that manufactures and develops its future with great commitment. - Exlusive to Times of Oman
- The author is the Chairman of National Bank of Oman, Executive Chairman of Investcorp and an International Advisor to the Brookings Instituition. All the views and opinions expressed in the article are solely those of the author and do not reflect those of Times of Oman.
