Muscat: The bilateral trade between India and Oman is poised for significant growth following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This was stated by His Excellency Qais Al Yousuf, Minister of Commerce, Industry, and Investment Promotion. During a meeting with the Board of Directors of the Indo Gulf & Middle East Chamber of Commerce (INMECC) in his office at the Ministry, Al Yousuf emphasized the country's focus on promoting sectors such as Manufacturing, Transport & Logistics, Tourism, Energy & Mining, and Food Security.
Furthermore, Al Yousuf mandated that the activities of the Oman Chapter of INMECC should be conducted exclusively under the auspices of the Oman Chamber of Commerce and Industry. To this end, he assured his unwavering support for INMECC's future endeavors and initiated the process of registering the Oman Chapter.
The meeting also explored opportunities for joint initiatives with the Oman Chamber of Commerce and Industry (OCCI) in areas such as Startup Investments and the organization of related events in Oman. This initiative is designed to foster innovation and entrepreneurship, thereby creating new opportunities for both nations. Discussions also centered on the role INMECC could play in supporting Invest Oman and the Oman Business Forum, with the aim of enhancing these initiatives and contributing to the economic development of Oman.
The proposal for an annual mega event, involving participation from Invest Oman, the Oman Chamber of Commerce and Industry, and INMECC, was put forward. This event is envisioned to have a positive impact on the overall business environment in Oman.
Additionally, the meeting addressed the potential for collaboration in the utilization of hospitality infrastructure. Given India's status as a neighboring country with nearly 20% of the world's population, there were discussions on how to more effectively utilize Oman's hospitality infrastructure to increase its visibility in India and attract a greater number of tourists.
Investment in the Healthcare Sector: Another significant topic of discussion was the strategic objective of attracting additional investors to the healthcare sector in Oman. It was proposed that to achieve this, the Indian National Medical Electronics Corporation (INMECC) requested the Minister to address the mandatory insurance requirements and to streamline and regulate the payment process for service providers. This measure is deemed essential for the attraction of more investors to the healthcare sector in Oman.
The meeting was graced by the presence of distinguished individuals, including Dr. Suresh Madhusudhanan, the Secretary General of the Board of Directors of INMECC, Vice Chairman Dr. James Mathew of the UAE, Dr. Siddeek Ahmed of Saudi Arabia, and Directors Mr. Rajesh Sagar of Kuwait and Mr. Davis Kallukaran of Oman, alongside the President of the Oman Chapter, Mr. Mohiudeen Mohammed Ali.
The Indo-Gulf Middle East Chamber of Commerce (INMECC), a non-profit corporate entity registered in India, has entered into an agreement with the Oman Chamber of Commerce and Industry following a joint communique issued by the Ministers of India and Oman the previous year. Since then, both OCCI and INMECC have collaborated on various programs. The seminars conducted on the opportunities and challenges within the fisheries and tourism sectors were particularly noteworthy.
INMECC is an initiative spearheaded by prominent professionals and businessmen from India and the Middle East countries. Dedicated to the protection and promotion of trade and industry, this Chamber operates through a robust network of government agencies, Indian and Middle East embassies, consulates, and business and professional leaders from both regions. Since its establishment in March 2022, INMECC has endeavored to serve as a catalyst for community growth and prosperity. The Chamber is committed to seizing opportunities that benefit its members and foster sustainable development across our regions. Currently, INMECC maintains a presence in the UAE, Oman, Saudi Arabia, Kuwait, and Indian states such as Kerala, Maharashtra, New Delhi, and Tamil Nadu, with plans for further expansion into other Middle Eastern countries.
The delegation for this meeting was chaired by Mr. Mohiudeen Mohammed Ali, President of the INMECC Oman Chapter, with Oman Director Mr. Davis Kallukaran, Vice Chairmen Dr. James Mathew and Dr. Siddeek Ahmed, Secretary General Dr. Sureshkumar Madhusudhanan, and Director – Kuwait Mr. Rajesh Sagar in attendance.
