OCCI signs MoU with India-based INMECC
Published: 02:03 PM,Mar 18,2023 | EDITED : 06:03 PM,Mar 18,2023
BUSINESS REPORTER
MUSCAT, MARCH 18
Oman Chamber of Commerce and Industries (OCCI) and the Indo Gulf & Middle East Chamber of Commerce (INMECC) signed a Memorandum of Understanding (MOU) to boost economical, commercial and trade activities between the Sultanate of Oman and India. Shaikh Faisal al Rawas, Chairman of OCCI and Dr N M Sharafudeen, Chairman of INMECC, signed the MOU at OCCI headquarters in Muscat.
Davis Kallukaran, Founder Director of INMECC in his welcome address said that India is among Oman’s top trading partners. India is the second largest market for Oman’s crude oil exports for the year 2022 after China. India is also the 4th largest market for Oman’s non-oil exports for the year 2022 after the UAE, US and Saudi Arabia and 2nd largest source of its imports after UAE.
He added that INMECC and OCCI can work together for the progress of the priority sectors identified by Oman Vision 2040 in the areas of Agriculture & Fisheries, Mining, Tourism, Manufacturing and Logistics. Tourism, in particular, is promising for growth since its contribution to the Omani economy is only 2.4 per cent of the GDP compared to the global average of 10 per cent, he noted.
The MoU signing is the culmination of the visit of an Omani business delegation representing the health, pharmaceuticals, mining, tourism, telecommunication, energy, shipping, and real estate to Mumbai last May. It was headed Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion and then OCCI Chairman Redha Juma Saleh. They had met with delegates of INMECC during that visit.
During the MoU signing, Shaikh Faisal said that both chambers can play a very vital role and facilitate successful implementation of the objectives of the agreement among various sectors of our economies where the people of both countries will be the ultimate beneficiaries. India and Oman are linked by geography, history, trade and culture and enjoy a cordial relations for many decades.
The economic and commercial relations between India and Oman are robust and resilient. Bilateral trade during FY 2021-2022 reached $9.988 billion. Investment flows, both ways, have been robust, as reflected in numerous joint ventures, established both in India and Oman.
Also present were Pravin Kumar, First Secretary, Indian Embassy; Dr Sureshkumar Madhusudhanan, Secretary General of INMECC; Abdul Latheef, Director OCCI Board; Mohiyuddin Mohamed Ali, Acting President of Oman Chapter of INMECC; and chapter directors Aftab Patel, Warith al Kharusi and Ahamed Rayees.
Dr N M Sharafudeen, Chairman INMECC, presented the mission and vision of INMECC and specified that there are over 6,000 India-Oman joint ventures in Oman with estimated investment of over $7.5 billion. Indian companies have emerged as leading investors in Oman, particularly at Sohar and Salalah Free Zones. New Indian investments are also coming in Duqm Special Economic Zone. Both India and Oman accord high priority to strengthening economic and commercial relations between the two countries.
During the meeting few valuable proposals were discussed as part of Oman Vision 2040 between the delegates of two chambers, and India would be the base for supporting education, training, skilling and tourism segments.
MUSCAT, MARCH 18
Oman Chamber of Commerce and Industries (OCCI) and the Indo Gulf & Middle East Chamber of Commerce (INMECC) signed a Memorandum of Understanding (MOU) to boost economical, commercial and trade activities between the Sultanate of Oman and India. Shaikh Faisal al Rawas, Chairman of OCCI and Dr N M Sharafudeen, Chairman of INMECC, signed the MOU at OCCI headquarters in Muscat.
Davis Kallukaran, Founder Director of INMECC in his welcome address said that India is among Oman’s top trading partners. India is the second largest market for Oman’s crude oil exports for the year 2022 after China. India is also the 4th largest market for Oman’s non-oil exports for the year 2022 after the UAE, US and Saudi Arabia and 2nd largest source of its imports after UAE.
He added that INMECC and OCCI can work together for the progress of the priority sectors identified by Oman Vision 2040 in the areas of Agriculture & Fisheries, Mining, Tourism, Manufacturing and Logistics. Tourism, in particular, is promising for growth since its contribution to the Omani economy is only 2.4 per cent of the GDP compared to the global average of 10 per cent, he noted.
The MoU signing is the culmination of the visit of an Omani business delegation representing the health, pharmaceuticals, mining, tourism, telecommunication, energy, shipping, and real estate to Mumbai last May. It was headed Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion and then OCCI Chairman Redha Juma Saleh. They had met with delegates of INMECC during that visit.
During the MoU signing, Shaikh Faisal said that both chambers can play a very vital role and facilitate successful implementation of the objectives of the agreement among various sectors of our economies where the people of both countries will be the ultimate beneficiaries. India and Oman are linked by geography, history, trade and culture and enjoy a cordial relations for many decades.
The economic and commercial relations between India and Oman are robust and resilient. Bilateral trade during FY 2021-2022 reached $9.988 billion. Investment flows, both ways, have been robust, as reflected in numerous joint ventures, established both in India and Oman.
Also present were Pravin Kumar, First Secretary, Indian Embassy; Dr Sureshkumar Madhusudhanan, Secretary General of INMECC; Abdul Latheef, Director OCCI Board; Mohiyuddin Mohamed Ali, Acting President of Oman Chapter of INMECC; and chapter directors Aftab Patel, Warith al Kharusi and Ahamed Rayees.
Dr N M Sharafudeen, Chairman INMECC, presented the mission and vision of INMECC and specified that there are over 6,000 India-Oman joint ventures in Oman with estimated investment of over $7.5 billion. Indian companies have emerged as leading investors in Oman, particularly at Sohar and Salalah Free Zones. New Indian investments are also coming in Duqm Special Economic Zone. Both India and Oman accord high priority to strengthening economic and commercial relations between the two countries.
During the meeting few valuable proposals were discussed as part of Oman Vision 2040 between the delegates of two chambers, and India would be the base for supporting education, training, skilling and tourism segments.