Muscat [Oman], December 17 (ANI): Indian business leaders and industry chamber representatives have expressed strong optimism about the future of India-Oman economic relations, highlighting expanding trade, investment opportunities, and sectoral collaboration as Prime Minister Narendra Modi visits Oman.
Naveen Jindal, Chairman of Jindal Steel, said the Prime Minister’s visit has generated widespread enthusiasm across Oman. “This is a very big moment. Not only Indians, but Omani people are also very happy and inspired by Prime Minister Modi’s visit,” Jindal told ANI.
Highlighting bilateral trade, Jindal noted that trade between India and Oman currently stands at around USD 10 billion and has the potential to double in the coming years. He pointed to India’s strengths across manufacturing, automobiles, information technology, and agriculture, noting the popularity of Indian products such as Basmati rice in Oman. He also underscored strong cultural ties, saying Indian cinema has had a lasting influence among Omani people.
Speaking about Jindal Steel’s footprint in Oman, he said the company entered the country 15 years ago and has invested over USD 3 billion, with plans to increase investments to USD 7–8 billion. “We produce about 3.25 million tonnes of steel in Oman, helping the country achieve steel independence and export capability. We now aim to double capacity, including green steel,” he added.
Sangita Reddy, Joint Managing Director of Apollo Hospitals Group, emphasized the role of trade agreements in improving market access for Indian businesses. She noted the presence of a large Indian business delegation accompanying Commerce and Industry Minister Piyush Goyal and said there is excitement ahead of the Prime Minister’s arrival in Muscat following his visit to Jordan.
Describing India-Oman relations as long-standing and positive, Reddy said approximately 70 per cent of bilateral trade currently involves oil. She highlighted Oman’s Vision 2040, which aims to diversify its economy by strengthening manufacturing in both Oman and India. She also spoke about deepening healthcare cooperation, noting that Apollo Hospitals has been treating patients from Oman for over two decades under the “Heal in India” initiative. Oman is now exploring collaboration in advanced diagnostics, including mRNA technologies, biomarkers, and genetic testing.
R Mukundan, Managing Director and CEO of Tata Chemicals Limited, described India and Oman as having a “very friendly and positive business relationship,” with bilateral trade growing at nearly 20 per cent year-on-year. He highlighted Oman’s strategic importance as a gateway connecting Southeast Asia, South Asia, and East Africa, supported by ports such as Duqm, Salalah, and Sohar. Mukundan said Tata Group companies, including TCS, are well-integrated into Oman’s business ecosystem and plan to expand further.
From an industry chamber perspective, Pankaj Chadha, Chairman of the Engineering Export Promotion Council of India, said India’s engineering exports to Oman account for nearly USD 1 billion out of total exports of about USD 4 billion. He expressed confidence that a Free Trade Agreement would further increase India’s export share.
Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, noted that the GCC region remains a major market and said collaboration between Indian and regional industries is expanding.
Sanjay Nayar, past President of Assocham, said trade initiatives launched in 2023 are now nearing completion and described bilateral trade of USD 10 billion as having the potential to triple or even quadruple. He emphasized the importance of attracting Omani investment into India, citing predictable government policies and a strong capital market.
Nirmal K. Minda, President of Assocham and Managing Director of Minda Industries, identified energy, logistics, and tourism as priority sectors for cooperation, noting significant potential in each.
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. Bilateral trade for 2024–25 stood at USD 10.61 billion, with cooperation spanning trade, defence, maritime security, energy, healthcare, and technology.
During the visit, the Prime Minister is expected to hold comprehensive talks, address business leaders and the Indian community, and oversee the signing of several agreements. (ANI)
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