Oman aims to bolster bilateral relations with G20

The high-level Oman delegation led by His Highness Sayyid Asaad bin Tarik al Said, Deputy Prime Minister for International Relations and Cooperation Affairs, Personal Representative of His Majesty the Sultan, to the 18th meeting of the G20 Summit being held in the Indian capital, New Delhi, aims to bolster bilateral relations with the G20 countries and to address the shared economic, political and health challenges, according to the delegation member Pankaj Khimji, Adviser for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).

The 30-member official delegation from Oman includes Sayyid Badr bin Hamad al Busaidy, Foreign Minister; Dr Said bin Mohammed al Saqri, Minister of Economy; Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion; Pankaj Khimji, Issa bin Saleh al Shibani, Oman's Ambassador to India; advisers from HH Sayyid Asaad's office, and other officials.

"The cultural relations between Oman and India are over 5,000 years old, and the economic ties are over 2,000 years old. We are aiming at enhancing bilateral cooperation where the friendly economies, alongside the other G20 participants, can bolster our economic ties and explore ways of enhancing our energy and education ties with the rest of the G20 members and guests as well as combating corruption, creating labour and employment through the G20," Pankaj Khimji, who is also the Chairman of the Oman-India Joint Business Council (OIJBC), told the media.

Oman has attended this year's G20 round of meetings as an invitee by India, which is holding the G20 presidency alongside seven other guest countries, such as the UAE, Egypt, Nigeria, Bangladesh, Mauritius, Singapore and Switzerland. The G20 Summit, hosted by India, focuses on the theme 'One Earth, One Family, One Future' and aims to discuss climate action and achieving net-zero emissions. Over 30 heads of state and 14 heads of international organisations are participating.

Oman recently attended the Trade and Investment Working Group meeting from August 21 to 23. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, attended the event after a delegation participated at the B20 in Delhi and explored through a series of panel discussions how private companies can contribute to tackling some of the major challenges of the day, including on the green energy transition and financial inclusion for sustainable growth.

Oman's bilateral trade with India, one of Oman's top trading partners and the second largest market for Oman's crude oil exports for 2022 after China, touched $9.988 billion in 2021-2022, an increase of nearly 90 per cent from the previous year. Oman's imports from India in 2021-2022 are $3.148 billion, while Oman's exports to India are $ 6.840 billion, underlining robust and buoyant bilateral economic and commercial relations.

According to the reports from the Indian Embassy in Oman, India is also the 4th largest market for Oman's non-oil exports for 2022 after UAE, US and Saudi Arabia and the second largest source of its import after UAE.

Besides, the Oman-India Joint Investment Fund (OIJIF), a 50-50 Joint Venture between the State Bank of India and the erstwhile State General Reserve Fund (SGRF) of Oman set up in July 2010 as a special purpose vehicle (SPV) to invest in India, is a $320 million worth initiative.

The initial seed capital of $100 million from 2011, fully invested across seven Indian companies from diversified sectors, raised another $220 million for its tranche-II and is being invested in India.

Countries like Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkiye, the United Kingdom, the United States and the European Union are participating in the G20 Summit 2023 whose agenda is predominantly the Global Economy, Cryptocurrency and other similar issues.