Oman, India deepen economic ties

MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, held a meeting on Wednesday with Piyush Goyal, Minister of Commerce and Industry of the Republic of India, on the sidelines of the Oman-India Business Dialogue.
The discussions focused on elevating economic and commercial cooperation between the two countries to a more advanced stage, characterised by strategic partnerships, high-value investments and collaborative projects.
Both sides affirmed the competitiveness and readiness of Oman's investment environment, underscoring the attractive incentives and integrated services offered within the Sultanate of Oman's special economic zones. This framework is designed to position Oman as a premier investment destination and aligns with national objectives for economic diversification and expanded international collaboration.
The two sides commended the concerted efforts that led to the finalisation of the Oman-India Comprehensive Economic Partnership Agreement (CEPA). They stressed the critical importance of the upcoming implementation phase, agreeing on a clear mechanism for its ratification and execution, including defined timelines. The significant role of the Oman-India Joint Committee in monitoring the agreement's progress post-signature was also highlighted.
The meeting reviewed the progress of the Joint Committee's work, noting the one-year mark since its eleventh session. Preparations are now underway to convene the twelfth session in India, with a specific focus on securing tangible and measurable outcomes under the CEPA framework and its associated investment initiatives.
The meeting was attended by Ibtisam bint Ahmed al Faroojiyah, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion and Pankaj Khimji, Adviser for Foreign Trade and International Cooperation and Chairman of Oman Center for Strategic Partnerships and Foreign Trade at the Ministry of Commerce, Industry and Investment Promotion. — ONA