Muscat – The Oman-India Joint Commission held its 11th meeting in Muscat on Tuesday to discuss trade and investment relations between the two countries, and explore ways to develop them in sectors of mutual interest. The Omani side was chaired by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, while the Indian side was chaired by Piyush Goyal, Minister of Commerce and Industry of India.

The Joint Commission Meeting saw productive discussions on expanding bilateral cooperation in trade, investment, technology, food security, renewable energy, healthcare, and tourism.

According to a press statement released by India’s Ministry of Commerce & Industry, Goyal held a constructive bilateral meeting with H E Yousef, during which they undertook a detailed review of the bilateral trade and economic relations between India and Oman, and identified concrete steps to further strengthen their mutually beneficial business ties.

The two ministers also exchanged views on the proposed Free Trade Agreement, referred to as the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is in the advanced stages of negotiations.

Both ministers agreed to expedite the discussions for an early signing of the CEPA, which will mark a new milestone in bilateral trade relations and has the potential to significantly scale up two-way trade and investment.

The meeting discussed ways to enhance investment cooperation, with Indian companies having invested more than $750mn in Oman by December 2023, while cumulative investment flow from Oman to India reached approximately $600mn between 2000 and 2024. The Indian side reviewed a number of initiatives, such as ‘Make in India’ and ‘Digital India,”’ to attract Omani investments.

According to a report from Oman News Agency, the two sides also discussed issues related to customs and tariffs between the two countries, in addition to reviewing the memorandum of understanding (MoU) on food safety and quality, aimed at facilitating trade in agricultural products.

The two sides further agreed to enhance cooperation in the fields of environment and climate change, including investment in the circular economy and green energy projects. They also discussed ways to deepen cooperation in the tourism sector by organising joint exhibitions and exchanging expertise.

H E Yousef praised the depth of trade and investment relations between the two countries, which have been distinguished by their contributions to developing cooperation and partnership, and building relations across various business sectors.

He pointed out that trade between Oman and India has seen remarkable growth in recent years, with the volume of bilateral trade in 2023 reaching approximately RO2.05bn, reflecting the growing economic relations between the two countries. He praised the role played by the Oman-India Joint Commission in fostering new trade and investment partnerships by providing the appropriate environment for businessmen from both sides to discuss investment opportunities and contribute to increasing the value of trade exchange.

For his part, Goyal noted that there are great prospects for expanding trade and investment relations between India and Oman, particularly as negotiations are nearing completion for the CEPA. In a post on X, Goyal wrote that the talks focused on advancing negotiations on the CEPA, strengthening trade and investment ties, and exploring avenues to further deepen the bilateral partnership.

H E Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion, emphasised the importance of expanding cooperation between the two countries in various fields, such as technology, industry, agriculture, tourism, and renewable energy. He stressed that Oman is working to transform its economic vision into a tangible reality by adopting innovative policies that contribute to enhancing economic growth and generating investment opportunities.

Oman-India Business Forum

The Oman Chamber of Commerce and Industry (OCCI) organised the Oman-India Business Forum on Tuesday. The event was organised in cooperation with the Ministry of Commerce, Industry, and Investment Promotion.

The forum aimed to establish sustainable cooperation based on active participation, innovation, and leveraging the strengths of the two countries’ economies. It also seeks to expand investment opportunities and promote joint Omani-Indian projects.

Furthermore, the Oman-India Business Forum focused on a wide range of economic sectors, including chemicals, power electronics, engineering, manufacturing, construction, ICT services and consultancy, communications, solar energy, healthcare, agriculture, food security, infrastructure, water treatment, tourism, arts, culture, and durable electrical consumer goods.

During the forum, several B2B meetings were held between businesspeople from Oman and India, exploring available investment opportunities.