OQ, an integrated global energy company based in Oman, has seized the opportunities presented by China’s increased openness and expanded its presence in the Chinese market, executives said.
The company entered China in 2010 and established its headquarters in Northeast Asia in Shanghai. It also built a production site in Nanjing, Jiangsu Province, for chemicals.
Globally, the company operates in 17 countries and its polymers and chemicals are sold in more than 85 countries.
In an exclusive interview with China Daily, Hilal Al Kharusi, OQ Commercial Director, praised the Chinese government’s determination to implement greater and deeper openness to the outside world, and said: “a higher level of openness encourages all stakeholders. to focus and invest in the Chinese market.”
The executive said, “China is the most important strategic market for OQ, and we are optimistic about its prospects. We will strive to be part of the new development image, contributing to the dual circulation model and sharing the opportunities economic growth brings.
“We have every reason to believe that as the business environment continues to improve and improve, China will become a more open and dynamic economy. This will give all market players a chance to prosper.”
In recent years, the company has continuously deepened its cooperation with local partners, established a sales network, expanded its engineering team and added a customer service team, all to provide the best possible solutions for the Chinese market.
Gilles Rochas, vice president of the performance chemicals division at OQ, said China’s rapid economic development is likely to contribute greatly to the growth of global polymer industries.
Rochas is optimistic about the potential of the Chinese market under the new dual circulation development model, and said the company is keen to provide more solutions to the Chinese market.
China’s goals of capping carbon emissions by 2030 and achieving carbon neutrality by 2060 show the country is determined to develop the nation in a greener way, he said.
While there are many challenges to meeting the 2060 target, there are also opportunities as part of accelerating green transformation. It is a signal for market players to steer future flows of capital and technology towards green and low-carbon development, Rochas added.
Showing strong economic resilience during the COVID-19 pandemic, China became the top destination for foreign investment last year.
In the recently unveiled development master plan for the period of the 14th five-year plan (2021-25), the country has provided for higher-level reform and opening-up, while prioritizing dual-flow development and the development of high quality.
Cui Fan, professor of international business and economics at the Beijing University of International Affairs and Economics, expects FDI inflows to China to continue to climb, thanks to the new round of reforms in China. higher level of openness and depth on the supply side.
The dual circulation strategy emphasizes building a strong domestic market, which will create more business opportunities for foreign investors, and this can play a key role in better interaction of domestic and foreign markets, a said Cui.
According to the new negative lists published last June, the sectors prohibited to foreign investors on the national list have been reduced to 33 against 40 in the 2019 version.
For the pilot free trade zones, the number of industries closed to foreign investors has been reduced from 37 to 30.
The new industry catalog for sectors encouraging foreign investment released last December also added 127 items, with 88 more items amended to expand their coverage.
In addition, the Foreign Investment Law has also been actively implemented to better protect the interests of foreign investors.