MUSCAT, SEPTEMBER 9
Omani and Indian companies were urged on Wednesday to convert the preferential terms of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries into export contracts, joint ventures and investment projects, three months after the pact entered into force.
The Oman–India Business Forum, organised by the Oman Chamber of Commerce and Industry (OCCI) at The St Regis Al Mouj Muscat Resort, was held under the auspices of Shaikh Faisal bin Abdullah al Rawas, Chairman of the OCCI Board of Directors, and brought together businesspeople and investors from both countries alongside government and diplomatic representatives.
The agreement, signed in Muscat on December 18, 2025 and in force since June 1, 2026, is the Sultanate of Oman's first bilateral trade agreement in nearly two decades and India's second with a Gulf state.
Eng Said bin Ali al Abri, OCCI board member and Chairman of the Chamber's North Al Batinah Governorate branch, said the agreement opens around 98 per cent of Omani tariff lines to Indian goods, while India has committed to reducing or eliminating customs duties on around 77 per cent of its own tariff lines. The pact also covers investment, customs facilitation, digital trade, intellectual property and the movement of professionals, he said.
"The agreement creates opportunities, but it is the private sector that turns these opportunities into actual trade, investments and partnerships," Al Abri said.
Shaikh Faisal said CEPA provides a foundation for deeper commercial and investment flows, and called on Omani businesspeople to study export-capable products, engage directly with Indian counterparts and pursue joint ventures. The next phase, he said, requires translating the agreement's advantages into tangible deals.
Prashant Pise, Ambassador of India to the Sultanate of Oman, described the agreement as a new phase in bilateral economic relations, saying it was not confined to raising trade volumes but created scope for long-term investment and production partnerships across multiple sectors.
Delivering a keynote address on Oman as an investment destination for Indian companies, Dr Yousuf Hamed al Balushi, Founder and Managing Director of Smart Investment Gateway, said the Sultanate of Oman should treat CEPA as an investment and production platform rather than a trade instrument alone.
He identified manufacturing as the leading route to added value, and said the ports of Duqm, Salalah and Sohar could be used to build manufacturing, storage, re-export and distribution capacity for regional markets. Opportunities also exist to attract Indian companies in information technology, artificial intelligence, data centres and cybersecurity, he said.
Dr James J Nedumpara, Professor and Head of the Centre for Trade and Investment Law (CTIL) in India, said the agreement establishes a free trade area with a significantly wider range of duty-exempt goods than treatment under Most-Favoured-Nation terms.
India holds the advantage in labour-intensive products, he said, while Oman has openings in energy and petroleum products, vaccines, pharmaceuticals, medical devices, electronics and chemicals. Electronics — particularly smartphones, photovoltaic cells and modules, and electrical transformers — was among the more promising areas, he added, noting India's chemicals exports exceed $40 billion globally. Marine products offered scope for processing, value addition and re-export, he said.
The forum featured two panel sessions. The first, on implementation, was moderated by HH Dr Adham bin Turki al Said, Chairman of the OCCI Economic Committee, with speakers including Ibtisam bint Ahmed al Farouji, Under-Secretary for Investment Promotion at the Ministry of Commerce, Industry and Investment Promotion.
The second session, on services, investment and joint ventures, was moderated by Eng Mohiuddin Mohamad Ali, Vice Chairman of Galfar Engineering and Contracting, and included Faisal al Balushi of Muscat Airport Free Zone, Amna al Sharji of the Public Authority for Special Economic Zones and Free Zones (OPAZ), Monish Behl of Asia Steel and Behl Steel, Maan al Salmi of Oman Minerals Trading Company, and Dr Siddeek Ahmed of Eram Holdings.
An accompanying exhibition and a programme of bilateral meetings were held on the sidelines.
Oman Observer is now on the WhatsApp channel. Click here
