Oman-India Bilateral Trade Surges

The bilateral trade between Oman and India recorded robust growth in 2021 and both countries are now aiming to further strengthen their economic cooperation and boost trade and investment. Oman’s non-oil exports to India reached US$1.2 billion in 2021, a jump of 172% when compared to 2020 figures. The sultanate’s imports from India hit US$2 billion in 2021, recording a 94% growth on 2020, according to a statement issued by the Ministry of Commerce, Industry and Investment Promotion.

Led by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, a high-level Omani trade and investment delegation will head for India on Tuesday to participate at the 10th Oman – India Joint Commission Meeting in New Delhi. This annual gathering aims to further develop trade and investment links between Oman and India. The official visit program of high-level meetings and events will commence with H E Yousef addressing an Oman – India B2B networking session on May 11 at the Leela Palace Hotel in New Delhi, according to a press statement.

Joining the New Delhi delegation include senior representatives from Oman Investment Authority, Public Authority for Special Economic Zones and Free Zones and Oman Chamber of Commerce and Industry as well as Omani companies from the construction, manufacturing, retail, automotive, renewable energy, pharmaceutical and tourism sectors. Speaking ahead of the departure, H E Yousef emphasized the importance of trade and investment missions in promoting Oman’s world-class goods and services in international markets as well as the many investment opportunities open to foreign investors in Oman.

He said, “On this visit we look forward, in particular, to sharing the potential of the pro-business and investment environment flourishing in Oman under the guidance of His Majesty Sultan Haitham bin Tarik and the possibilities that have already opened up in the sultanate as a result of Oman Vision 2040, our framework for development and growth.” Noting that this year marks India’s 75 years of independence, a period in which the country has become a global business leader and a US$3 trillion plus economy, H E Yousef expressed his delight to be visiting New Delhi at this time to congratulate the Indian people in person and to engage with government and business officials on growing economic ties.

“Holding this Joint Commission Meeting at this time presents a real opportunity to support and strengthen the long-standing trade partnerships that connect us – helping both sides fully embrace the opportunities on offer. I fully expect to see further growth in Oman-India trade as both countries emerge from the COVID-19 pandemic,” he added. From an investment perspective, H E Yousef said, “India is already a large inward investor into Oman, but there are significant opportunities to increase this even further. In fact, there are great complementarities between India’s needs and Oman’s offer, particularly in logistics, mining, tourism, manufacturing and renewables. These are all areas ripe for Oman-India collaboration.”