Business Reporter –
Muscat , Jan 16 –
This week Ithraa, Oman’s inward investment and export promotion agency, will lead a delegation of 13 high-profile organisations to the West Indian state of Gujarat in an effort to connect with Indian investors looking for commercial opportunities in the sultanate.
Headed by Yahya al Jabri, Ithraa’s Chairman, the Omani delegation will participate at the Vibrant Gujarat Summit in Ahmedabad where they will present on a range of investment opportunities in the sultanate, as well as highlight the support available for Indian companies considering setting up operations in Oman.
The delegation’s visit to India, which starts on Thursday, comes at a time when India is emerging as perhaps the strongest player among the BRIC nations — Brazil, Russia, India and China. While global and domestic headwinds are affecting growth in the Brazilian, Chinese and Russian economies, India is growing at a rate of 7 per cent per year, putting it neck and neck with China.
Nasima al Balushi (pictured), Ithraa’s Director-General of Export Development commented: “India and Oman share a long-standing and highly collaborative trade relationship, one that fuels prosperity in both countries. Indeed, we strongly believe the Sultanate’s a great place for Indian investment. Our strategic location, quality of life, infrastructure, stability and transparency of our political, legal and regulatory environment, breadth and depth of investor pool, entrepreneurial culture plus the wide range of support offered by government to foreign investors are all key strengths.”
Oman-Indo investment flows, estimated at around $7.5 billion, have been robust over the past few years, particularly in iron and steel, cement, fertilisers, textiles, cables, chemicals and automotive.
Commenting on the upcoming Ahmedabad visit, Nasima explained: “While the global success of companies such as Tata and Infosys is well known, the quality of Indian SMEs has improved significantly over the past 10 years, and many are looking to enter the growing GCC markets using Oman as their gateway. We’re particularly focused on attracting firms working in manufacturing, mining, logistics and petrochemicals.”
Concluding, she pointed out: “Significant opportunities exist for Indian companies to set-up and grow in Oman. Indeed, this is the message we will be delivering loud and clear in Ahmedabad later this week.”
Organisations participating on the trade delegation to Ahmedabad include: The Ministry of Foreign Affairs; Ministry of Commerce & Industry; State General Reserve Fund; Duqm Special Economic Zone Authority; Oman Oil; Duqm Port; Duqm Quarries Company; Oman Drydock Company; Iskan Oman Investment Company; Khimji Ramdas; and Oman Porcelain.
Business Reporter –