Oman’s MoCIIP delegation to visit India


Muscat: His Excellency Qais Muhammad Al-Yousef, Minister of Commerce, Industry and Investment Promotion to visit India, within the framework of strengthening cooperation between the two countries.

A report published by the Economic Times said that a high-level business delegation is accompanying the Minister of Commerce, Industry and Investment Promotion, and includes more than 40 top business honchos from Oman, is expected to push Preferential Trade Agreement (PTA) with India.

The report said “There has been a series of high level engagements since February beginning with the visit of Oman Defense Secretary followed by Navy Chief and Joint Air Force Exercise. This was followed by the visit of Oman’s Foreign Minister Sayyid Badr bin Hamad bin Hammed Albusaidi, and the trade minister is expected to visit India between May 10-14,” Oman’s Ambassador to India Hamed Saif Al Rawahi told, Oman has potential in many industries such as tourism, fisheries, logistics, mining, creative and technology services, and manufacturing.

Al-Rawahi added that the Omani government actively encourages foreign direct investment, and has used the proceeds from oil and gas to develop the country’s infrastructure and human resources, the Sultanate is seeking partnership with India to relies Vision-2040, (India’s oldest strategic partner in the Gulf) location on the Arabian Gulf and the Indian Ocean, at the crossroads of the Arabian Peninsula, East Africa, and South Asia, and in proximity to shipping lanes carrying a significant share of the world’s maritime commercial traffic and access to larger regional markets, which is an attractive features for potential foreign investors. India is in fact working closely with Oman to enhance strategic depth in the region and add heft to its Into-Pacific vision in the Western and Southern Part of Indian Ocean.

The report also added, the Indian Navy has been given access at the Duqm Port. Port of Duqm SEZ, which is earmarked to be Indian Ocean largest deep sea port where an Inso-Oman Going Venture, Sebacic Oman is undertaking a $1.2 billion project for setting up the largest Sebacic acid plant in West Asia. A ‘Little India’ integrated tourism complex project in Duqm, worth $748 million, has been signed between the two countries, according to the Omani Envoy.

The report pointed out that Indian investments in Sohar amount to more than $2 billion, and the Oman-Indian Fertilizer Company in Sur is a joint venture worth $969 million India-Oman joint venture in Oman between IFFCO and KRIBHCO of India and Oman Oil Company (OOC) for manufacturing of fertilizers plant produces all the UREA exclusively for India farmers. At Oman’s Port of Salalah, Indian Investment are in manufacturing of automotive parts, textiles, cables, guar gum etc.

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