Oman Seeks Investment Partnerships with India

The Sultanate of Oman is seeking long-term investment partnerships with India, with a focus on strengthening bilateral ties and enhancing trade relations.

A delegation from Oman, led by Mr. Khalid bin Sulaiman Al Salehi, Director General – Marketing & Commercial Affairs and Official Spokesperson, Madayn, recently visited Mumbai to engage with Indian entrepreneurs and companies.

During an interactive business session at the MVIRDC World Trade Center Mumbai, Mr. Al Rashidi, Vice Consul, Consulate General of the Sultanate of Oman in Mumbai, highlighted the natural partnership between India and Oman, with a history of commercial and civilizational ties spanning centuries.

The signing of the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is expected to further strengthen their future relations. The agreement is hoped to expedite longstanding issues like the pending oil pipeline project and the India-Middle East-Europe (IMEC) corridor, giving a new thrust to bilateral ties.

Oman's strategic geographical location and vibrant industrial ecosystem offer growing opportunities across various sectors, including aluminium, food processing, minerals and mining, energy, renewables, and green hydrogen.

Under Oman Vision 2040, the country is expanding opportunities across food processing, logistics, polymers, automotive, minerals, renewable energy, IT, and AI. Foreign investors can benefit from 100% ownership in eligible activities, long-term industrial leases, and other investment incentives.

Mr. Al Salehi emphasized the importance of India as a partner, particularly in pharmaceuticals, where there is strong potential for APIs, local manufacturing, and further processing in Oman for exports to other markets. Similar opportunities exist across polymers, food industries, logistics, minerals, automotive, and renewable energy.

Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries, noted that India and the Gulf have traditionally enjoyed strong and vibrant commercial ties, with bilateral trade of around USD 11 billion. There is considerable scope to expand trade baskets across pharmaceuticals, chemicals, engineering, infrastructure, shipping, maritime services, and green energy.

The potential for doubling the trade to USD 25 billion is significant, with Oman's world-class ports, airports, and logistics infrastructure making it an attractive gateway for Indian companies to access regional and global markets.

The CEPA agreement gives India a strategic advantage, and it is now essential to move from discussions to delivery by promoting trade, investment, joint ventures, and stronger business partnerships.

In conclusion, the Oman delegation's visit to Mumbai marks a significant step towards strengthening bilateral ties and enhancing trade relations between India and Oman. With the CEPA agreement in place, the potential for long-term investment partnerships and expanded trade opportunities is substantial, and both countries are poised to benefit from this growing economic partnership.