MUSCAT [Oman], December 17 (ANI): Indian business leaders and representatives of industry chambers have highlighted the growing depth of India-Oman economic ties and pointed to significant opportunities across multiple sectors ahead of Prime Minister Narendra Modi’s visit to Oman.
Naveen Jindal, Chairman of Jindal Steel, said the Prime Minister’s visit has generated widespread enthusiasm in the country. “It is a very big moment that India’s Prime Minister is coming to Oman. People here are very happy. Not only Indians, but Omani citizens are also inspired and keen to hear him,” Jindal told ANI.
Referring to bilateral trade, Jindal said trade between the two countries currently stands at around USD 10 billion and has the potential to double in the coming years, benefiting both economies. He highlighted India’s strengths across sectors such as manufacturing, automobiles, information technology and agriculture, noting the popularity of Indian products, including basmati rice, in Oman.
Jindal also spoke about cultural ties between the two countries, saying Indian cinema has a strong influence in Oman, with local audiences familiar with Indian actors across generations.
On Jindal Steel’s presence in Oman, he said the company entered the country 15 years ago and has invested more than USD 3 billion so far, with plans to increase investments to USD 7–8 billion. The company currently produces about 3.25 million tonnes of steel in Oman, contributing to the country’s steel self-sufficiency and exports. He added that there are plans to double steel capacity, including the production of green steel.
Sangita Reddy, Joint Managing Director of Apollo Hospitals Group, said continued trade agreements would enhance market access for Indian manufacturers and businesses. She noted the presence of a large Indian business delegation accompanying Union Commerce and Industry Minister Piyush Goyal and said there was excitement ahead of the Prime Minister’s arrival in Muscat following his visit to Jordan.
Reddy described India-Oman ties as long-standing and positive, noting that nearly 70 percent of bilateral trade is linked to oil. Referring to Oman’s Vision 2040, she said the country is looking to diversify its economy by strengthening manufacturing bases in both India and Oman and encouraging Indian businesses to establish operations there.
Highlighting healthcare cooperation, Reddy said Apollo Hospitals has been receiving patients from Oman for over two decades under the “Heal in India” initiative. She added that Oman is now seeking deeper collaboration in advanced diagnostics, including mRNA technologies, biomarkers and genetic testing, areas where India has strong capabilities.
R. Mukundan, Managing Director and CEO of Tata Chemicals Limited, said India and Oman share a friendly and positive business relationship. He noted that bilateral trade of around USD 10 billion is growing at nearly 20 percent annually. Mukundan described Oman as strategically important, particularly as a hub connecting Southeast Asia, South Asia and East Africa, with ports such as Duqm, Salalah and Sohar playing a key role. He said Tata Group companies, including TCS, are actively engaged in services, trading and project execution in Oman and plan to expand further.
From an industry chamber perspective, Pankaj Chadha, Chairman of the Engineering Export Promotion Council of India, said the Comprehensive Economic Partnership Agreement (CEPA) has helped boost exports, with engineering goods accounting for nearly USD 1 billion of India’s exports to Oman. He said a free trade agreement could further increase India’s export share.
Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, said the Gulf Cooperation Council region is a major market and that Indian and Omani industries are collaborating to explore opportunities.
Sanjay Nayar, past President of Assocham, said the trade initiative launched in 2023 is nearing conclusion and could significantly boost bilateral trade, which currently stands at about USD 10 billion. He said trade could easily triple or even quadruple, while stressing the importance of attracting Omani investments into India, citing predictable government policies and a strong capital market.
Nirmal K. Minda, President of Assocham and Managing Director of Minda Industries, identified key sectors for collaboration, including energy, logistics and tourism, noting their high growth potential.
Ahead of the visit, the Ministry of External Affairs said Prime Minister Modi is visiting Oman at the invitation of Sultan Haitham bin Tarik, coinciding with the 70th anniversary of diplomatic relations between the two countries. The ministry said bilateral trade in 2024–25 stood at USD 10.61 billion and highlighted cooperation in trade, defence, maritime security, energy, health and technology. The Prime Minister is expected to hold comprehensive talks, address business leaders and the Indian community, and oversee the signing of several agreements during the visit.
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