Commerce minister Suresh Prabhu has
invited Omani companies to make investment under the Make in India and Invest
India program of the government which are aimed at encouraging the
manufacturing sector, He said India’s exports to Oman have exceeded 2400
Million US dollars during the last financial year
The Minister was co-chairing the 8th
session of India-Oman Joint Commission Meeting (JCM) along with Minister of
Industry, Investment, Trade and Digital Economy of Oman, Dr. Ali bin Masoud Al
Government of India has launched several investment
friendly programmes like‘Make in India’ with a trillion dollar business
opportunity in the country. He said that both countries are keen to expand collaborations to their
mutual benefit in the fields of energy, health, business, finance and
investments, infrastructure, travel and tourism. Apart from official
interactions, people-to-people contacts and initiatives by private sector will
energise cooperation in various sectors. He said.
The areas of discussion in the JCM
include Cooperation in Space, Renewable Energy, Start-up, SMEs, Food Security,
including durable foods and Packaging, Services sector, Tourism sector,
exchange of ideas and visit of young entrepreneurs.
He said that the Sultanate of Oman is a
strategic partner of India in the Gulf and the two countries enjoy warm and
cordial relations. The Commerce Minister
said strong cultural and economic ties have further cemented these bonds. India
Oman bilateral trade has registered a growth from US$4131.69 million in 2014-15
to US$ 6703.76 million in 2017-18. India’s export to Oman has grown from US$
2379.44 million to US$ 2439.46 million in 2017-18.
Mr.Prabhu further said that the large,
diverse and highly regarded expatriate Indian community in Oman is spread over
the entire spectrum of professions and Indian nationals in Oman are well known
for their hard work and dedication.
Outstanding contributions of Indians and People of Indian Origin in Oman
to the strengthening of bilateral relations have been recognized by the
Government of India through PravasiBharatiyaSamman Awards.
He also expressed gratitude to Government
of Oman for the generosity shown towards Indian expatriates living there. He said that India is fully committed to
taking this relationship to a higher level and there is a need to hold the JCMs
at more frequent intervals to expand and deepen the economic and commercial
institutions such as State Bank of India, Bank of Baroda, HDFC Ltd and ICICI
Securities and Public Sector Undertakings such as Air India, Life Insurance
Corporation(LIC), New India Assurance Co., Telecommunications Consultants India
Ltd.(TCIL), Engineers India Ltd.(EIL), Engineering Projects India Limited
(EPIL) and National Building Construction Company (NBCC) have presence in
Oman.Indian companies have invested in Oman in sectors like iron and steel,
cement, fertilizers, textile, cables, chemicals and automotive, especially in
Sohar and Salalah. India-Oman Joint Investment Fund (OIJIF), a joint venture
between State Bank of India and State General Reserve Fund (SGRF) of Oman, a
special purpose vehicle to invest in India, has been operational and the
initial corpus of US$ 100 million has been fully utilized. OIJIF has raised
another $ 220 million for the second tranche which is being invested.