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Puri invites Omani Sovereign Wealth Funds and private businesses to invest in India
New Delhi, October 21, 2020
Minister of State for Commerce & Industry Hardeep Singh Puri has invited sovereign wealth funds and private businesses from Oman to invest in India.
Addressing the 9th Session of the India-Oman Joint Commission Meeting (JCM) held on Monday on a virtual platform, the Minister highlighted the recent initiatives taken by the Government for improving the ease of doing business.
To boost domestic manufacturing, several steps have been taken including the production-linked incentive (PLI) schemes for various sectors, he added.
Puri, who also holds independent charge of Civil Aviation, had co-chaired the meeting with Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman. The meeting was attended by representatives of various government departments/ministries from both sides.
Both sides reviewed the recent developments in trade and investment ties and reaffirmed their commitment to expand the bilateral trade and encourage businesses to invest in each other’s country and realize the untapped potential in the commercial and economic relationship.
They also agreed to cooperate in areas of Agriculture & Food Security, Standards & Metrology, Tourism, Information Technology, Health & Pharmaceuticals, MSMEs, Space, Civil Aviation, Energy including renewable energy, Culture, Mining and Higher Education, an official press release said.
Both sides also reviewed the progress of prospective Memorandum of Understanding (MoUs) in the field of mining, standards and metrology, financial intelligence, cultural exchange, and information technology, and agreed to conclude them expeditiously.
They agreed to expedite their internal procedures for signing and ratification of the Protocol amending India-Oman Double Taxation Agreement and conclusion of the India-Oman Bilateral Investment Treaty, the release said.
The two sides also exchanged views on the unprecedented global health and the economic situation arising due to the outbreak of COVID-19 pandemic.
The Indian side appreciated Oman for signing and ratification of the International Solar Alliance (ISA) Framework Agreement.
India and Oman have always enjoyed close and friendly relations which go back to several millennia. The close bilateral ties, including vibrant trade and cultural exchanges, have now expanded into a strategic partnership based on trust and mutual respect. Increasing bilateral trade and investment between the two countries is a key element of the strategic partnership, an official release said.
The economic and commercial relations between India and Oman were robust and buoyant. India was among Oman’s top trading partners. For Oman, India was the third-largest source for its imports and the third-largest market for its non-oil exports.
Bilateral trade between India and Oman grew at 8.5% in 2019-20 over the previous year to reach USD 5.93 billion. While India’s exports to Oman were valued at USD 2.26 billion, India’s imports from Oman amounted USD 3.67 billion in 2019-2020.
Bilateral investment flows have been robust. Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc.
There were more than 4100 Indian enterprises and establishments in Oman with an estimated investment of US$ 7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-June 2020 amounted to USD 535.07 million.
Both sides agreed to nominate a focal point from their respective Ministries of Commerce and Industry to carry forward the follow up on the discussions and the decisions at the JCM. The Agreed Minutes of the Meeting were adopted by both Ministers, the release added.