Oman-India business forum explores economic partnership

The Oman-India Business Forum, held  at Al Bustan Palace Hotel, focused on reviewing promising investment opportunities within the Sultanate of Oman and forging a stronger economic partnership with the Republic of India. The forum served to take ties to new heights and establish innovative channels for collaboration between the public and private sectors in both nations.

The event was organised by the Oman Chamber of Commerce and Industry (OCCI) in cooperation with the Ministry of Commerce, Industry and Investment Promotion, on the occasion of the visit to Oman by Narendra Modi, Prime Minister of the Republic of India.

In his address, the Indian Prime Minister affirmed the shared commitment of both countries' leadership to take economic relations to an advanced level and to foster private-sector investment in high-potential sectors.

He said that the strategic partnership between India and Oman marks a definitive new direction in bilateral relations, one poised to propel them to greater heights. He emphasised that the relationship, founded on deep mutual trust and a spirit of enduring friendship, has grown progressively stronger and more profound over time.

The Indian Prime Minister added that the landmark Comprehensive Economic Partnership Agreement (CEPA) will serve as a catalyst to bolster investor confidence, unlock new opportunities across all sectors of the economy, and generate significant prospects for growth, innovation, and youth employment in both countries.

He also highlighted recent amendments to India’s labour laws, improvements in the ease of doing business, and the potential for partnership in emerging fields such as green hydrogen, green ammonia, solar energy, and clean energy. He stressed the significance of establishing joint innovation centres and creating shared financing mechanisms to support over 200 companies across both countries.

Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, spoke about the need to pursue more ambitious goals for the continued development of bilateral cooperation. This partnership, he noted, is guided by the shared Oman–India vision titled “A Partnership for the Future,” which was formally adopted during the historic visit of His Majesty Sultan Haitham bin Tarik to India on 16 December 2023, reflecting the directives of His Majesty, the President of India, and the Prime Minister of India.

The Minister remarked that Oman and India share centuries of robust and deeply rooted commercial ties. Today, he said, this relationship is built upon a rich historical legacy and a forward-looking vision, with India now ranking among Oman’s top three trading partners and within the top ten sources of foreign direct investment.

He added that the signing of the Comprehensive Economic Partnership Agreement marks a decisive commitment to broaden economic and investment cooperation and unlock new avenues for shared growth. The agreement represents a strategic milestone in bilateral relations, offering substantial mutual benefits and translating the two nations’ common vision of strengthening and expanding trade and economic engagement for the welfare of both countries’ peoples.

He emphasised the importance of establishing a systematic follow-up mechanism to monitor the agreement’s implementation and ensure its benefits are fully realised. An Omani committee will be formed to maximise the advantages of the pact, while the existing Oman–India Joint Committee will oversee its execution. He also expressed hope that the partnership would expand into other vital fields, covering culture, sports, tourism, innovation, and space sciences.

In his address, Piyush Goyal, Minister of Commerce and Industry of India, described the Comprehensive Economic Partnership Agreement as a historic achievement that will foster shared prosperity. He noted that the pact will boost bilateral trade, streamline business processes, remove barriers to the movement of goods and services, and enhance market access for businesses in both countries.

He highlighted the growing economic momentum between the two nations, with bilateral trade exceeding USD 10 billion. He underlined the strategic importance of diversifying and strengthening commercial engagements, with a focus on key sectors such as investment, tourism, innovation, and technology.

Faisal bin Abdullah Al Rowas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), noted that Oman–India relations exemplify a productive partnership founded on trust and mutual benefit, strengthened by the strategic logistical advantages both countries enjoy. Oman’s modern ports, integrated logistics infrastructure, network of trade agreements, and investor-friendly policies position it as an attractive investment gateway and a regional business hub. Within this framework, India stands as one of Oman’s most significant trading partners, with both sides working continuously to deepen cooperation in alignment with Oman Vision 2040.

The OCCI Chairman added that the Indian Prime Minister’s visit reaffirms this strategic direction and opens broader avenues for collaboration in promising sectors, enabling the establishment of direct partnerships and joint projects that benefit both economies. He noted that OCCI’s hosting of the Oman–India Business Dialogue the previous day, with high-level representation from both sides, aimed to strengthen economic ties and explore joint investment opportunities.

Al Rowas said that the Forum reinforces the solid foundation of bilateral economic relations and reaffirms OCCI’s commitment to deepening cooperation with the Indian private sector, including through a memorandum of understanding with the Confederation of Indian Industry (CII). He described the Forum as a qualitative leap in Oman–India economic collaboration, creating new opportunities for mutually beneficial projects that promote stability, prosperity, and sustainable development.

Rajiv Memani, President of the Confederation of Indian Industry, also addressed the Forum, discussing prospects for industrial and investment cooperation and integration between companies in both countries. He emphasised that the Comprehensive Economic Partnership Agreement will further enhance business collaboration, particularly in trade, technology, and tourism.

Pankaj Khimji, Adviser for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion, noted that the forum provides a platform for business leaders from both nations to connect, underscoring a shared desire to advance trade relations across diverse sectors.

The Forum featured dedicated networking sessions that enabled direct engagement between Omani and Indian business communities, fostering dialogue on partnership opportunities and the establishment of new trade and investment linkages, reflecting the depth of bilateral relations and the mutual commitment to advancing shared interests.