India and Oman Deliberate on Bilateral Trade and Investment

By siliconindia  |  Tuesday, 19 December 2023, 09:09:07 AM IST

India and Oman Deliberate on Bilateral Trade and Investment
Commerce Minister Piyush Goyal and his Omani counterpart, Qais Bin Mohammed Al Yousef, engaged in discussions on bilateral trade, investment, and the potential for rupee trade between their respective countries during the state visit of Oman's ruler, Sultan Haitham bin Tarik, to India. As a result of the meeting, both parties agreed to establish an Oman Desk within Invest India to facilitate investment, and reciprocally, Invest Oman will launch an India Desk, as per a government statement.
"Both the leaders expressed satisfaction at the pace of ongoing negotiations for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA) as completion of two rounds of negotiations in less than a month's time is a testimony that both the countries are committed to deepening the economic relations further," the statement added.
Additionally, the ministers explored the necessity for a targeted strategy to boost investments in countries of strategic significance. Sultan Haitham bin Tarik commenced a three-day state visit to India on Friday. This marks the Omani ruler's inaugural state visit to India since assuming the throne in 2020 and the first visit by an Omani ruler to India since 1997.
India and Oman have a rich history of enduring friendship and collaboration. The bilateral trade and investment ties have prospered since the inception of diplomatic relations in 1955, which were elevated to a strategic partnership in 2008. As of 2022-23, the bilateral trade between the two nations amounted to $12.39 billion, showing an increase from $9.99 billion in the preceding year and $5.4 billion in 2020-21, as per the government statement.

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