INDIA-OMAN BILATERAL ECONOMIC AND COMMERCIAL RELATIONS
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INDIA-OMAN BILATERAL ECONOMIC AND COMMERCIAL RELATIONS

India accords a high priority to expanding its bilateral trade and investment ties with Oman. The economic and commercial relations between India and Oman remain robust and buoyant. Bilateral trade, which saw a decline during 2014-15 and 2015-16, has resumed its upward trend. It rose 3.6 per cent from US$ 3.8 billion in 2015-16 to US$ 4 billion in 2016-17.

India-Oman Bilateral Trade Volume

(Amount in US$ Millions)

Financial Year

India’s Export to Oman

India’s Import from Oman

Total Trade

2011-12

1,322.13

3,345.94

4,668.08

2012-13

2,599.49

2,009.72

4,609.21

2013-14

2,812.27

2,951.18

5,763.45

2014-15

2,379.44

1,752.24

4,131.69

2015-16

2,190.89

1,673.00

3,863.86

2016-17

2,731.48

1,275.11

4,006.59

(Source: http://dashboard-commerce.gov.in/; http://commerce.nic.in/eidb/Default.asp)

Main items of India’s exports to Oman: Mineral fuels, mineral oils and products of their distillation; Boilers, machinery and mechanical appliances; Articles of iron or steel; Electrical machinery and equipment, Textiles and Garments, Chemicals, Tea, Coffee, Spices, Cereals and Meat products and seafood.

Main items of India’s imports from Oman: Fertilizers; Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes; Aluminum and articles thereof; Organic chemicals; Salt; Sulphur; earths and stone; plastering materials, lime and cement.

Bilateral Investment:

Investment flows, both ways, have also been robust, as reflected in numerous joint ventures (JVs), established both in India and Oman with estimated total investment of around US$ 7.5 billion.

Indian companies have invested in Oman in sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc. specially in Sohar and Salalah. Oman India Fertilizer Company in Sur is a USD 969 million India-Oman joint venture in Oman between IFFCO and KRIBHCO of India and Oman Oil Company (OOC) for manufacturing of fertilizers.

Major Indian investments in Sohar include Larsen & Toubro Modular Fabrication Yard L.L.C, Larsen & Toubro Heavy Engineering L.L.C, Jindal Shadeed Iron & Steel L.L.C, Indsil Ferrochrome, Metkore Alloys & Industries. In Salalah, Indian investments are in manufacturing projects like TVS Chennai’s Dunes Oman LLC (automotive), GC Textile Corporation & Division (textile), Oswal Group’s Saltic FZCO (Chemicals), Hind Aluminium (Cables), Kailash Group’s guar processing unit, Indo-Oman Apparel, Nagarjuna Fertilizer plant etc. In Duqm Special Economic Zone also, there is a significant Indian presence, including Sebacic Oman a US$ 1.2 billion project for the largest Sebacic acid plant in Middle-East.

India-Oman Joint Investment Fund (OIJIF), a JV between State Bank of India and State General Reserve Fund (SGRF) of Oman, a special purpose vehicle to invest in India, has been operational and the initial corpus of US$ 100 million has been fully utilized. OIJIF has raised another $ 220 million for the second tranche which is ready for investments.

Visit of Indian Delegations to Oman:

Indian business delegations regularly visit Oman to participate in important trade exhibitions in Oman. During 2016-17, Indian business delegations coordinated by Chambers including FICCI, FIEO, ESC, TPCI, ICC and PHD CCI as well as independent delegates visited Muscat to participate in various exhibitions in Oman including Big Show, Infra Oman, COMEX IT exhibition, Oman Med-health, Food & Hospitality Oman, Fire & Safety Exhibition, Medical Travel exhibition (IMTEC), Mineral & Mining Exhibition (OMMEC), Omanplast, Interior Design and Décor Furnishing Exhibition, etc.

Similarly, Omani business delegations also visit India to participate in exhibitions related to sectors like Health, Ceramics, IT and Electronics, etc. During 2016-17, Omani business delegations visited India to participate in Global Exhibition on Services, Vibrant Ceramics Expo and IndiaSoft IT Exhibition as well as to promote tourism and investment into Oman.

Activities of Embassy of India, Msucat:

  • B2B Meetings: To facilitate business matchmaking for Indian business delegates who visit Oman to participate in exhibitions, Embassy of India, Muscat, regularly organizes Business-to-Business Meetings facilitating interaction amongst Indian and Omani companies. During 2016-17, the Embassy organized B2B meetings in sectors like healthcare, infrastructure, construction, IT, minerals & mining, food & hospitality, ceramics, fire & safety etc.

  • India Business Forum: Embassy of India, Muscat, organizes ‘India Business Forum’, twice in a year, to facilitate interaction amongst Indian businessmen in Oman. These Forums are useful as platforms to discuss ways of enhancing bilateral trade and investment between India and Oman.

  • Invest in India Seminar: Embassy of India, Muscat, organizes annually Invest in India Seminars to promote India as an attractive investment destination for potential Omani investors.

If you are looking to invest in India:

ITEC:

Under the Indian Technical and Economic Cooperation (ITEC) Programme, India has been sharing its development experience, including training and capacity building, with Oman. For Oman, India has allotted 100 slots during April 2017-March 2018 for various training courses in India under ITEC Programme. India is also ready to share its experience with Oman in skill development of youth and development of small and medium enterprises. For more information, please visit: https://www.itecgoi.in/about.php



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