Increase in Oman-India bilateral trade

Muscat – Bilateral trade between Oman and India recorded robust growth in 2021 and the two countries now aim to further strengthen their economic cooperation and boost trade and investment.

Oman’s non-oil exports to India reached $1.2 billion in 2021, a 172% jump from 2020 figures. Sultanate’s imports from India reached $2 billion in 2021, registering a growth of 94% compared to 2020, according to a statement issued by the Ministry of Commerce, Industry and Investment Promotion.

Led by HE Qais bin Mohammed al Yousef, Minister of Trade, Industry and Investment Promotion, a high-level Omani trade and investment delegation will travel to India on Tuesday to attend the 10th meeting of the Oman-India Joint Commission in New Delhi. This annual gathering aims to further develop trade and investment ties between Oman and India.

The official program of visits to high-level meetings and events will begin with HE Yousef addressing an Oman – India B2B networking session on May 11 at the Leela Palace Hotel in New Delhi, according to a press release.

The New Delhi delegation includes senior representatives from the Oman Investment Authority, the Public Authority for Special Economic Zones and Free Zones and the Oman Chamber of Commerce and Industry, as well as Omani companies in the construction, manufacturing, retail, automotive, renewable energy, pharmaceutical and tourism sectors. sectors.

Speaking before departure, H.E. Yousef stressed the importance of trade and investment missions in promoting Oman’s world-class goods and services in international markets as well as the many investment opportunities open to foreign investors. in Oman.

He said: “During this visit, we look forward, in particular, to sharing the potential of the thriving business and investment-friendly environment in Oman under the leadership of His Majesty Sultan Haitham bin Tarik and the possibilities that have already opened up in the sultanate. following Oman Vision 2040, our development and growth framework.

Noting that this year marks 75 years of India’s independence, a period during which the country has become a world business leader and an economy of over US$3 billion, HE Yousef expressed his joy to be in New Delhi at this time to congratulate the people of India in person and to engage with government and business officials on the growing economic ties.

“Holding this Joint Commission meeting at this time presents a real opportunity to sustain and strengthen the long-standing business partnerships that bind us together – helping both parties fully seize the opportunities before us. I fully expect to see further growth in Oman-India trade as both countries emerge from the COVID-19 pandemic,” he added.

From an investment perspective, HE Yousef said, “India is already a big foreign investor in Oman, but there are significant opportunities to increase it even further. In fact, there are great complementarities between India’s needs and Oman’s supply, especially in the areas of logistics, mining, tourism, manufacturing and renewable energy. These are all areas ripe for collaboration between Oman and India.

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