Oman ready to partner with India for business

MUSCAT, DEC 17
Members of the business community in Oman and India explored investment opportunities in both countries on Wednesday, held on the sidelines of the visit of the Prime Minister of India, Narendra Modi, to the Sultanate of Oman.
At the event organised by the Oman Chamber of Commerce and Industry, Oman's Minister of Commerce, Industry and Investment Export Development, Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, said this visit reflects the maturity, confidence and strategic importance of our bilateral ties.
He stated that under the leadership of His Majesty Sultan Haitham bin Tarik, Oman Vision 2040 is reshaping the nation's economy with a clear focus on competitiveness, institutional strength, and long-term sustainability. 'We are living a renewed renaissance — what we refer to as Renaissance 2.0 — with progress reflected across multiple indicators,' he said.
Looking at Oman's assets, the minister noted, 'Today, Oman offers investors what matters most in an increasingly complex global environment: political stability, regulatory predictability, strong institutions and a business environment built for continuity rather than volatility,' he explained.
This confidence is reflected not only in Oman’s return to investment-grade status but also in how the country is viewed globally. Oman leads the region in quality of life, ranks among the world’s safest countries, is recognised for high-quality infrastructure, and is home to some of the region’s best-performing ports and logistics platforms.
Piyush Goyal, Minister of Commerce and Industry of the Republic of India, described Muscat as the city that draws one to nature and oceans, a city that is like an oasis in the desert and a beacon of peace and prosperity.
'There has been immense excitement over the Free Trade Agreement, CEPA, that has been in the making for two years now. The relationship between Oman and India has a timeless history and immense potential in the future,' he said.
The minister said the free trade agreement offers immense opportunities for both countries in various sectors ranging from textiles to renewable energy, gems and jewellery to automobile industry and many more.
'Oman is a gateway to the GCC, Africa, Eastern Europe, and Central Asia and explores the sector of services. Tourism in both the countries has huge potential, and energy transition is something both the countries are committed to,' he noted.
The Invest Oman presentation highlighted the areas of investment opportunities. Bushra al Wahaibi, Senior Business Development Lead at Invest Oman, Ministry of Commerce, Industry and Investment Promotion explained to the Observer, 'The key message we are conveying is that Oman is the right destination for Indian investors to establish and grow their businesses. Whether investors are seeking joint ventures with Omani partners or looking to leverage Oman’s strategic geographic position overlooking the Indian Ocean, the country offers clear advantages.
Oman provides easy access to raw materials from India, opportunities for value addition locally, and strong export potential to GCC markets, Africa and Europe,' Al Wahaibi explained.
Invest Oman highlighted Oman’s free trade agreements with key global partners.
Oman has an FTA with the United States and Switzerland, and we are currently negotiating additional agreements with South Korea and China.
Oman’s economy is stable and promising. International rating agencies have recognised the country’s strong investment outlook, and it continues to be rated as an investment-grade economy. Overall, Oman offers a business-friendly environment that is mutually beneficial for both Omani and Indian partners,' she added.
Dr Saikat Kumar, Strategy & Finance OSOS, an expert on the financial market and global economy who has been keenly following the developments, said that there are over 6,000 joint ventures between Indian and Omani companies, with cumulative investments estimated at US$775 million.
The Comprehensive Economic Partnership Agreement (CEPA) is aimed at reducing trade barriers, expanding market access, and promoting investments across key sectors.
He said, 'The agreement is expected to significantly boost trade in manufacturing, services, technology, logistics, and agriculture, while supporting job creation and economic growth in both countries.