Muscat – Led by His Excellency Qais bin Mohammed Al Yousef, Minister of Trade, Industry and Investment Promotion, a high-level Omani trade and investment delegation will travel to India on Tuesday to participate in the 10th meeting of the Oman-India Mixed Commission in New Delhi. This annual gathering aims to further develop trade and investment ties between Oman and India.
The program of official visits of high-level meetings and events will kick off with Minister Al Yousef addressing an Oman – India B2B networking session on May 11 at the Leela Palace Hotel in New Delhi.
The New Delhi delegation includes senior representatives from the Oman Investment Authority, the Public Authority for Special Economic Zones and Free Zones and the Oman Chamber of Commerce and Industry, as well as Omani companies in the construction, manufacturing, retail, automotive, renewable energy, pharmaceutical and tourism sectors. sectors.
Speaking before departure, Minister Al Yousef underscored the importance of trade and investment missions like this one in promoting Oman’s world-class goods and services in international markets as well as the many business opportunities. open to foreign investors in Oman.
He continued: “During this visit, we look forward, in particular, to sharing the potential of the thriving business and investment-friendly environment in Oman under the leadership of His Majesty Sultan Haitham bin Tarik and the opportunities 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 75 years of India’s independence, a period during which the country has become a world business leader and an economy of over US$3 trillion, His Excellency expressed his joy to be in New Delhi at this time to congratulate the people of India in person and to engage with government and business officials on the development of economic ties.
Minister Al Yousef went on to share that non-oil exports to India, which are a key trade and investment priority for the Omani government and the business community, reached US$1.2 billion in 2021, a 172% jump from 2020, while imports from India reached US$2 billion, a 94% increase from 2020.
He continued: “Holding this Joint Commission meeting at this time presents a real opportunity to sustain and strengthen the long-standing business partnerships that bind us together – helping both parties fully seize the opportunities that arise. ours. I fully expect to see further growth in trade between Oman and India as both countries emerge from the COVID-19 pandemic. »
From an investment perspective, Minister Al Yousef commented, “India is already a big foreign investor in Oman, but there are significant opportunities to increase it even further. In fact, there are great complementarities between India’s needs and Oman’s supply, especially in the areas of logistics, mining, tourism, manufacturing and renewable energy. These are all areas ripe for collaboration between Oman and India.
Like many economies around the world, India has suffered from the COVID-19 pandemic, but now looks set to be one of the best emerging market recovery stories of 2022, the Federation of Indian Chambers of Commerce and Industry forecasting GDP growth of 7.4% for fiscal year 2022-23.
Oman’s economy is also on an optimistic growth trajectory, with S&P Global upgrading the Sultanate’s rating in April to BB- with a stable outlook. The first upgrade since 2015. While the IMF World Economic Outlook Report projects GDP growth of 5.6% for Oman in 2022, making it the third fastest growing economy in the GCC.
“The benefits of improved Oman-India trade and investment relations cannot be denied, bringing with them increased people-to-people connections, innovation, entrepreneurship, job creation and greater prosperity. for both countries. We look forward to more Oman in India and more India in Oman,” Minister Al Yousef concluded.
For press inquiries, please contact:
Mrs Sajda Al Ghaithy
Ministry of Trade, Industry and Investment Promotion
Sultanate of Oman