MUSCAT: The Omani-Indian Business Forum, organised by the Oman Chamber of Commerce and Industry (OCCI), brought together business leaders from Oman and India to explore and expand joint investment opportunities across a range of key sectors. The event, a significant platform for enhancing economic cooperation, underscored the deep-rooted and growing partnership between the two nations
Eng Redha bin Jumaa al Saleh, a member of OCCI's Board of Directors, emphasised the forum's goal of elevating trade and investment exchanges to reflect the strong bilateral ties between Oman and India. He highlighted that the forum serves as a comprehensive platform for businesses from both countries to identify and pursue investment opportunities in critical sectors, including food security, building materials, petroleum, pharmaceuticals, textiles, plastics, and jewellery.
The forum comes at a crucial time, with bilateral trade between Oman and India reaching approximately RO 1.2 billion ($3.1 billion) by the end of June. This growth reflects the increasing economic interdependence between the two nations. The discussions also touched on the nearing conclusion of a free trade agreement, which is expected to further solidify this partnership and place the private sectors of both countries at the forefront of future economic integration.
Paresh Mehta, Regional President of the Federation of Indian Exports Organisations (Western Region) and head of the Indian delegation, recognised Oman's strategic importance as a gateway to the Gulf Cooperation Council countries. He reaffirmed India’s commitment to strengthening trade and investment partnerships with Oman, aiming to accelerate the growth of economic relations between the two countries.
During the forum, participants were presented with a visual overview of Oman’s attractive business environment, highlighting recent improvements in credit ratings and international ease-of-doing-business indicators. The presentation also focused on the sectors pivotal to achieving the objectives of Oman Vision 2040, such as logistics, industry, tourism, and food security, alongside emerging sectors like health, education, and information technology. The incentives and regulatory framework offered to investors in Oman were also outlined, showcasing the country’s commitment to fostering a conducive environment for foreign investment.
The Federation of Indian Export Organisations also presented insights into potential growth areas for Indian exports and discussed efforts to forge partnerships with Omani businesses, particularly in sectors where both countries see significant opportunities for mutual benefit.
The forum concluded with a series of bilateral meetings between Omani and Indian business leaders. These discussions focused on enhancing cooperation, consolidating trade relations, exchanging expertise, and identifying concrete joint investment opportunities. The event highlighted the mutual interest in building a stronger economic future together, leveraging the unique strengths and resources of both nations. — ONA
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