Strengthening Bilateral Trade and Investment
H.E. Mr. Qais Al Yousef, Minister of Commerce, Industry and Investment Promotion of Oman, stated that India has emerged as Oman’s third-largest trading partner. Indian investments in Oman have surpassed USD 5 billion, spanning green steel, green ammonia, aluminium manufacturing, and logistics, reflecting India’s confidence in Oman as a long-term business hub.
Shri Goyal highlighted that the forthcoming Free Trade Agreement is Oman’s first in nearly two decades. He underscored centuries-old maritime links between the two nations, including trade through ports such as Lothal, emphasizing the enduring nature of India–Oman relations.
The Minister also noted that the FTA coincides with the celebration of 70 years of diplomatic relations between India and Oman, and the forthcoming visit of Prime Minister Shri Narendra Modi, reinforcing strategic and economic cooperation.
Future Areas of Cooperation
Shri Goyal identified potential collaboration in professional services, accounting, business process re-engineering, research and development, tourism, healthcare, and education. Key pillars for the future include:
- Energy transition, including green hydrogen and renewable energy.
- Infrastructure development, including ports and multimodal logistics.
- Food security through cold chains and food parks.
- Collaboration between startup ecosystems, particularly in deep tech, logistics, and artificial intelligence.
Youth-Led Growth and Long-Term Prospects
Shri Goyal emphasized that the alignment between India’s vision of Viksit Bharat 2047 and Oman’s Vision 2040, along with youthful energy and entrepreneurial spirit, provides a strong foundation for long-term economic cooperation. He expressed confidence that businesses from both countries can fully leverage the strengthened bilateral engagement.