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India-Oman Free Trade Agreement will open up significant opportunities across sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components. This was stated by Union Minister of Commerce and Industry, Piyush Goyal, while addressing the India-Oman Business Forum in Muscat on Wednesday.
Minister Goyal highlighted Oman's strategic location as a gateway to the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia and Africa, which offers enhanced market access for Indian businesses. Minister of Commerce, Industry and Investment Promotion of Oman, Qais Al Yousef in his address said that India has emerged as Oman's third-largest trading partner and Oman continues to be a key destination for Indian investments across strategic sectors. He stated that Indian investments in Oman have more than tripled since 2020, reaching USD 5 billion, spanning sectors such as green steel, green ammonia, aluminium manufacturing and logistics. He emphasised that these investments reflect India's confidence in Oman as a long-term operating base. Minister Goyal also highlighted the forthcoming Free Trade Agreement between the two countries as a defining milestone in the bilateral relationship and noted that it would be the first Free Trade Agreement Oman is entering into in nearly two decades. He recalled the centuries-old maritime links between the two countries, including historical trade exchanges through ports such as Lothal, underscoring the enduring nature of India-Oman ties. The Minister highlighted that the forthcoming visit of Prime Minister Shri Narendra Modi to Oman coincides with the celebration of 70 years of diplomatic relations between the two nations. He recalled India's decision to invite Oman as a special guest during India's G20 Presidency in 2023 as a reflection of the strong mutual trust and strategic partnership between the two countries. Piyush Goyal also underlined the potential for collaboration in services such as professional services, accounting, business process re-engineering, research and development, tourism, healthcare and education. He identified four broad areas for future cooperation: energy transition, including green hydrogen and renewable energy; infrastructure development, including ports and multimodal logistics; food security through cold chains and food parks; and collaboration between startup ecosystems, particularly in deep tech, logistics and artificial intelligence. Referring to the shared emphasis on youth-led growth, the Minister highlighted the alignment between India's vision of Viksit Bharat 2047 and Oman's Vision 2040. He emphasised that the youthful energy and entrepreneurial spirit in both countries provide a strong foundation for long-term economic cooperation. Minister Goyal expressed confidence that the India-Oman partnership, built on trust, shared history and complementary strengths, is poised to enter a new phase of growth. He stated that businesses from both sides, working together as trusted partners, can fully leverage the opportunities emerging from the strengthened bilateral engagement. (ANI)
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