Large turnout for ‘Invest in India’ forum
By Business Reporter — MUSCAT: Dec 12: Around 250 representatives of public sector organisations, investment funds, banks, business enterprises and institutions in the Sultanate attend the 3rd ‘Invest in India’ seminar hosted by the Indian Embassy at the at Sheraton Oman Hotel recently.
The seminar highlighted the attractive investment opportunities in India. Three presentations on ‘Investment opportunities in India’, ‘India’s attractiveness as an investment destination’ and ‘India’s taxation policies and ease of doing Business in India’, showcased the immense opportunities for investment available in India. Sayyid Khalid al Busaidi, Chairman, Al Nab’a Group, shared his experiences of doing business with India and explained how the business opportunities offered by India has been benefitting Oman.
Among the dignitaries attending the event were Ahmed bin Hassan al Dheeb, Under-Secretary, Ministry of Commerce and Industry; Abdulsalam bin Mohammed al Murshidi, Executive President, State General Reserve Fund (SGRF); Sulaiman al Rahbi, Deputy Secretary- General, Supreme Council for Planning; and Redha Juma al Saleh, Vice Chairman, Oman Chamber of Commerce and Industry (OCCI).
Indra Mani Pandey, Ambassador of India to the Sultanate of Oman, in his welcome remarks, conveyed India’s keenness to enhance bilateral trade and investment relations with Oman. He explained how the economy of India has been transformed to become the fastest growing major economy of the world and a preferred investment destination for the world business community. With recent improvements in ease of doing business, India has been receiving a record amount of foreign direct investment (FDI) — $44 billion during April 2015-March 2016, and $29 during April-September 2016.
Ambassador Pandey drew attention to the decline in bilateral trade between India and Oman from $5.7 billion during the year ending March 2014 to $3.8 during the year ending March 2016, and invited business communities of India and Oman to expand their mutual trade and investments. He underlined that India, as always, is keen to work with the government and business community of Oman to achieve the goal of diversification of Oman’s economy, with focus on sectors identified through Tanfeedh.
The ambassador also announced that the Government of India has launched a new scheme for grant of permanent residency status to foreign investors valid for 10 years and extendable for another 10 years. Apart from free entry and no restrictions on the duration of stay, foreign investors are allowed to purchase one residential property in India for residential purposes. The spouses and dependents of investors will be allowed to work or study in India. The only requirement is to invest RO 571,000 within 18 months or RO 1.4 million in 36 months, and create 20 jobs for Indians every year. With a view to promote visits by Omani businessmen to India, the Embassy of India has streamlined business visa processes and issues multiple entry visas with a minimum six month validity.
For high-level Management of Omani companies, the embassy is issuing visas valid for one to five years.