Bilateral trade between Oman and India increased from US$5.4 billion in 2020-21 to US$9.9 billion in 2021-2022, an impressive annual growth of 82.6 percent. Similarly, there has been 94.8 percent increase in the number of Indian businesses registering with Oman MoCIIP’s Invest Easy portal, up from 450 in 2019 to 877 in 2021.
This was disclosed by Minister of Commerce, Industry and Investment Promotion
Qais Al Yousef during his just concluded visit to India to develop new business opportunities and strengthen investment and trade ties in manufacturing, healthcare, renewables and tourism. He was accompanied by over 40 high-profile Omani organizations. The delegation visited New Delhi and Mumbai
After an intensive series of trade and investment focused meetings with Indian ministers and leading industrialists earlier in the week, Al Yousef held talks on Thursday with senior officials at Invest in India and Niti Aayog, the Indian Government’s public policy think tank. He then went on to deliver opening remarks at the 10th Oman-India Joint Business Council meeting at the Federation of Indian Chambers of Commerce and Industry.
“Given the new opportunities already opened up by Oman Vision 2040 we are seeing a growing number of Indian SMEs and investors looking to leverage Oman’s strategic location and world-class transport infrastructure to enter the GCC and African markets,” Al Yousef said while
commenting on the important commercial relationship between Oman and India. “We are fully committed to encouraging new and impactful collaborations in health, renewables, tourism and manufacturing, sectors where our nations have complementary capabilities.”
Highlighting the growth potential for Oman-made goods in India, Al Yousef noted that there has been 172 per cent increase in Omani non-oil exports to India in 2021.
“It demonstrates the appetite for Omani products with Indian consumers,” he said. “From discussions held during this trip it is clear this is very much the tip of the iceberg in terms of demand, particularly given the growth of India’s middle class”.
Indian businesses, he said, are operating in multiple industries across every region of Oman with an estimated investment of US$7.5 billion. “Trade and investment flows between India and Oman have remained on a positive trajectory despite the pandemic,”.Al Yousef said.