Muscat – The Ministry of Trade, Industry and Investment Promotion concluded a successful trade and investment mission to India on Friday.
Led by His Excellency Qais Al Yousef, Minister of Trade, Industry and Investment Promotion and accompanied by over 40 leading Omani organizations, the delegation traveled to New Delhi and Mumbai to develop new business opportunities and strengthen investment and business linkages in the manufacturing, healthcare and renewable energy sectors. and tourism.
After an intensive series of trade and investment-focused meetings with Indian ministers and leading industrialists earlier in the week, Minister Al Yousef spoke on Thursday with senior officials from Invest in India and Niti Aayog, the Indian government’s public policy think tank. He then delivered a keynote speech at the 10th meeting of the Oman-India Joint Business Council at the Federation of Indian Chambers of Commerce and Industry.
Commenting on the important commercial relationship between Oman and India, Minister Al Yousef said: “As Oman’s economy progresses under the wise leadership of His Majesty Sultan Haitham bin Tarik and given the new opportunities already opened Through Oman Vision 2040, we are seeing a growing number of Indian SMEs and investors seeking to take advantage of Oman’s strategic location and world-class transport infrastructure to penetrate GCC and African markets. This is confirmed by recent trade and investment figures, but we cannot take this continued interest for granted. We are fully committed to fostering impactful new collaborations in healthcare, renewable energy, tourism and manufacturing, sectors where our nations have complementary capabilities. This is the message I delivered loud and clear at Thursday’s Joint Business Council meeting and, indeed, I was very pleased with the positive response it received.
Highlighting the growth potential of Oman-made products in India, Minister Al Yousef noted, “The 172% increase in our non-oil exports to India in 2021 demonstrates Indian consumers’ appetite for Omani products. From the discussions held during this trip, it is clear that this is just the tip of the iceberg in terms of demand, especially given the growing Indian middle class. The price is substantial. Upon our return, my team and I will engage with Omani exporters to encourage them to seize opportunities and capitalize on the wealth of opportunities offered by the Indian market given that by 2050 it will be the world’s third largest importer, after China and the United States.
Today, Indian companies operate in multiple industries in all regions of Oman with an estimated investment of US$7.5 billion. Trade and investment flows between India and Oman have remained on a positive trajectory despite the pandemic. This can be seen in the 94.8% increase in the number of Indian companies registered on MoCIIP’s Invest Easy portal, from 450 in 2019 to 877 in 2021. from US$5.4 billion in 2020-21 to US$9.9 billion in 2021-22, an impressive annual growth of 82.6%.
For press inquiries, please contact:
Mrs Sajda Al Ghaithy
Ministry of Trade, Industry and Investment Promotion
Sultanate of Oman