Muscat: The volume of trade between Oman and India has reached RO 1 billion or ($3.42 billion) in 2019, of which the total imports from India to the Sultanate amounted to RO445 million, while Omani exports during the same year amounted to about RO725 million.
The volume of Indian investments registered in the Sultanate until 2019 reached around RO 267 million, said Qais bin Mohammed al Yousef, chairman of Oman Chairman of Commerce and Industry (OCCI) at a webinar on Wednesday.
The trade relations have also contributed to the development of cooperation, partnership, and building relations between the business sectors of the two friendly countries, said Yousef.
He added, “According to statistics of the National Center for Statistics and Information (NCSI), the Sultanate’s GDP increased to about RO30.5 billion riyals by the end of 2018, this is the highest level since the decline in oil prices in 2014, thus, the Sultanate’s GDP increased by 12 percent compared to 2017.
Munu Mahawar, Ambassador of India to the Sultanate, said that the COVID-19 pandemic has proved from the measures taken to limit its spread that there are opportunities to enhance trade exchange. India has taken measures to advance the economy by building trade partnerships and also trying to rely on itself at the same time. “This does not mean that it does business on its own and it has been cooperating extensively with trade partners, indicating that the Indian economy will grow and continue to expand, offering opportunities for Omani businesses.
The ambassador said that there are several sectors in which India and Oman work jointly, especially in Suhar and Salalah. The key sectors are mining, healthcare, and food security sectors, among others.
Pankaj Khimji, chairman of the Omani side at the Omani-Indian Joint Business Council made a visual presentation on the changes brought about by the COVID-19 and low oil prices, as well as opportunities arising from the challenges.