Oman’s Ministry of Energy and Minerals has signed a memorandum of understanding with India to boost mutual cooperation in the field of minerals, local reports have said.
The ministry signed the MoU with the government-owned Indian Rare Earths Limited, said the reports.
The agreement is expected to facilitate the exchange of laws and regulations endorsed by the two countries in the exploitation of mineral resources, and data about investment opportunities.
The two sides will reportedly encourage cooperation in exchanging experiences in the fields of innovation and application of techniques.
They will also explore modern methods of excavation for minerals and development of industries based on minerals — notably rare minerals — with the aim of realizing added value in the sector.
This is besides enhancing cooperation in technical research and geological surveys, said the reports.
The MoU apparently comes in pursuance of Oman’s efforts to develop the minerals sector in a manner that responds to aspirations of economic diversification.
It also comes within the context of the the ministry’s keenness to attract scholarly expertise in exploring mineral resources in Oman’s lands, particularly minerals associated with the fourth industrial revolution, said the reports.