Business & Economy

India, Oman discuss ways of stepping up trade, investment linkages

NetIndian News Network

New Delhi, October 29, 2014

India and Oman today discussed the entire gamut of their economic and commercial relations and ways of enhancing their bilateral trade and investment linkages.
At the 7th India-Oman Joint Commission meeting held here, the two sides agreed that there was scope for immense interaction and greater engagement between the two countries.
The Indian delegation to the meeting was led by Minister of State for Commerce and Industry Nirmala Sitharaman and the Omani side by Minister of Commerce & Industry Ali bin Masoud al Sunaid.
"Today’s meeting has only reinforced the possibilities which exist immensely. There has been a warm and meaningful interaction. We hope to follow it up by a delegation which will be going to Oman in December," Ms Sitharaman told journalists later.
"There are also negotiations with Gulf Cooperation Council. We hope to work a lot more intensely with Oman on newer and more intense economic activity...a lot of new areas of discussion have come out," she said.
Dr Sunaidy said that “we had a very good discussion today....we have had very constructive two days which will also go on in the next two days in Mumbai."
"Our trade is expanding...our exports and imports with India are expanding. So there is an increase of over 55 pc between 2012 and 2013. We hope that this can be expanded forward," he said
Dr Sunaidy said Oman considered India as a very close partner and the two countries must come up with more innovative ideas for more business in the future.
Both the Ministers witnessed the signing of MoU on Standards and Metrology between the Bureau of Indian Standards (BIS) and the Ministry of Commerce and Industry, Oman. The two Ministers also welcomed the signing of the Agreement on Legal and Judicial Cooperation in Criminal Matters. 
Oman is an important trading partner of India in the Gulf region with bilateral trade exceeding $ 5.70 billion in 2013-14. 

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