Oman-India strengthen trade ties

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The annual gathering aims to further develop trade and investment links between Oman and India…reports Asian Lite News

Led by His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion, a topflight Omani trade and investment delegation will head for India on Tuesday to participate in the 10th Oman – India Joint Commission Meeting in New Delhi. This annual gathering aims to further develop trade and investment links between Oman and India.

The official visit program of high-level meetings and events will commence with Minister Al Yousef addressing an Oman – India B2B networking session 11 May at the Leela Palace Hotel in New Delhi.

Joining the New Delhi delegation include senior representatives from Oman Investment Authority, Public Authority for Special Economic Zones & Free Zones and Oman Chamber of Commerce & Industry as well as Omani companies from the construction, manufacturing, retail, automotive, renewable energy, pharmaceutical and tourism sectors.

Speaking ahead of departure, Minister Al Yousef emphasized the importance of trade and investment missions such as this in promoting Oman’s world-class goods and services in international markets as well as the many investment opportunities open to foreign investors in Oman.

He continued: “On this visit we look forward, in particular, to sharing the potential of the pro-business and investment environment flourishing in Oman under the guidance of His Majesty Sultan Haitham bin Tarik and the possibilities that have already opened up in the Sultanate as a result of Oman Vision 2040, our framework for development and growth.”

Noting that this year marks India’s 75 years of independence, a period in which the country has become a global business leader and a US$3 trillion plus economy, His Excellency expressed his delight to be visiting New Delhi at this time to congratulate the Indian people in person and to engage with government and business officials on growing economic ties.

Minister Al Yousef went on to share that non-oil exports to India, is a key priority for trade and investment of the Omani Government and businesses community, reached US$1.2 billion in 2021 a jump of 172% on 2020, while imports from India hit US$2 billion, a 94% increase on 2020.

He continued: “Holding this Joint Commission Meeting at this time presents a real opportunity to support and strengthen the long-standing trade partnerships that connect us – helping both sides fully embrace the opportunities on offer. I fully expect to see further growth in Oman-India trade as both countries emerge from the COVID-19 pandemic.”

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From an investment perspective, Minister Al Yousef commented: “India is already a large inward investor into Oman, but there are significant opportunities to increase this even further. In fact, there are great complementarities between India’s needs and Oman’s offer, particularly in logistics, mining, tourism, manufacturing and renewables. These are all areas ripe for Oman-India collaboration.”

Like many economies around the world, India has suffered due to the COVID-19 pandemic, but now looks set to be one of the best emerging market recovery stories of 2022 with the Federation of Indian Chambers of Commerce & Industry predicting GDP growth at 7.4% for the financial year 2022-23.

The Omani economy is also on an optimistic growth trajectory with S&P Global revising the Sultanate’s rating in April to BB- with a stable outlook. The first upgrade since 2015. While the IMF World Economic Outlook Report projects 5.6% GDP growth for Oman in 2022, making it the third fastest growing economy in the GCC.

“The benefits of improved Oman-India trade and investment relations cannot be denied, bringing with it increased people-to-people ties, innovation, entrepreneurship, job creation and greater prosperity for both countries. We look forward to more of Oman in India and more of India in Oman,” concluded Minister Al Yousef.