MUSCAT [Oman], December 17 (ANI): The proposed India-Oman Free Trade Agreement (FTA) is expected to open significant opportunities across a wide range of sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components, Union Minister of Commerce and Industry Piyush Goyal said on Wednesday.
Addressing the India-Oman Business Forum in Muscat, Goyal highlighted Oman’s strategic geographic location as a gateway to the Gulf Cooperation Council, Eastern Europe, Central Asia and Africa, offering enhanced market access for Indian businesses.
Minister of Commerce, Industry and Investment Promotion of Oman Qais Al Yousef said India has emerged as Oman’s third-largest trading partner, while Oman continues to be a key destination for Indian investments across strategic sectors. He noted that Indian investments in Oman have more than tripled since 2020 to reach USD 5 billion, spanning areas such as green steel, green ammonia, aluminium manufacturing and logistics. He added that these investments reflect India’s confidence in Oman as a long-term operating base.
Goyal described the forthcoming Free Trade Agreement as a defining milestone in bilateral relations and noted that it would be the first FTA Oman has entered into in nearly two decades. He recalled the centuries-old maritime links between the two countries, including historic trade exchanges through ports such as Lothal, underscoring the enduring nature of India-Oman ties.
The Minister also pointed out that Prime Minister Narendra Modi’s visit to Oman coincides with the 70th anniversary of diplomatic relations between the two nations. He recalled India’s decision to invite Oman as a special guest during its G20 Presidency in 2023 as a reflection of the strong mutual trust and strategic partnership between the two countries.
Highlighting future areas of cooperation, Goyal 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 priority areas: 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 technology, logistics and artificial intelligence.
Referring to the shared emphasis on youth-led growth, the Minister noted the alignment between India’s vision of Viksit Bharat 2047 and Oman’s Vision 2040. He said the youthful energy and entrepreneurial spirit in both countries provide a strong foundation for long-term economic cooperation.
Expressing confidence in the future of bilateral ties, Goyal said the India-Oman partnership, built on trust, shared history and complementary strengths, is poised to enter a new phase of growth. He added that businesses from both sides, working together as trusted partners, can fully leverage the opportunities emerging from strengthened bilateral engagement. (ANI)
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