Muscat: The 11th session of the Joint Omani-Indian Committee convened yesterday in Muscat to assess and enhance trade and investment relations between Oman and India, focusing on sectors of shared interest.
The Omani delegation was led by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, alongside Piyush Goyal, Minister of Commerce and Industry from India.
During the discussions, both parties examined opportunities for expanding collaboration in renewable energy, technology, healthcare, and tourism. They also reviewed the advancements achieved through significant diplomatic engagements, notably the visit of His Majesty Sultan Haitham bin Tarik to India in December 2023, which marked a pivotal moment in strengthening bilateral cooperation.
As of December 2023, Indian investments in Oman have surpassed OMR750 million, while Oman's cumulative investment in India from 2000 to 2024 has reached OMR600 million.
Both nations emphasized the significance of collaboration in renewable energy, particularly in green hydrogen and green ammonia. They also recognized the need to prioritize food security, agricultural investment, and technology transfer.
The session underscored potential partnerships in health and education, as well as enhancing cooperation in special economic zones, transport, and logistics. The two sides agreed to create a joint investment fund aimed at supporting infrastructure projects in these areas.
Qais Mohammed Al Yousef praised the robust trade and investment ties between Oman and India, noting that the Sultan's visit to India in December 2023 was the first in over 25 years, representing a significant milestone in the partnership between the two nations.
Al Yousef noted that trade between Oman and India has experienced significant growth in recent years, with bilateral trade in 2023 amounting to RO 2.05 billion, highlighting the strength of their economic ties.
Piyush Goyal, the Minister of Commerce and Industry of India, emphasized the numerous opportunities available to enhance business and investment relations between Oman and India, particularly as negotiations are nearing completion for a comprehensive economic partnership agreement.
Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion, underscored the necessity of strengthening collaboration in technology, industry, agriculture, tourism, and renewable energy. He also reaffirmed Oman’s commitment to achieving its economic vision through innovative policies that foster economic growth.
