Bilateral deal opens doors for textiles and green energy.
Fresh avenues for economic growth are set to emerge for Indian businesses as the much-anticipated India-Oman FTA nears finalization. Speaking at the India-Oman Business Forum in Muscat on Wednesday, Union Minister of Commerce and Industry, Piyush Goyal, emphasized that this agreement will unlock vital opportunities across diverse sectors including textiles, gems and jewellery, food processing, and renewable energy.
High-level discussions at the forum underscored Oman’s critical role as a strategic gateway for Indian exports. Minister Goyal noted that stronger ties with Oman would facilitate smoother market access to the Gulf Cooperation Council (GCC), Africa, and Central Asia. This development marks a defining milestone, as it represents the first Free Trade Agreement Oman has engaged in for nearly two decades.
Surge in Indian Investments
During the event, Qais Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, revealed that Indian investments in the Sultanate have more than tripled since 2020. Current investments have touched the USD 5 billion mark, driven by projects in green ammonia, green steel, and aluminium manufacturing. He described India as Oman’s third-largest trading partner, reflecting deep mutual confidence.
Future Areas of Cooperation
Looking beyond traditional trade, Minister Goyal identified four pillars for future collaboration:
Historical Ties and Vision 2047
The forum also celebrated the 70th anniversary of diplomatic relations between the two nations. Highlighting the synergy between India’s 'Viksit Bharat 2047' and Oman’s 'Vision 2040', Goyal stressed that the youthful energy of both nations provides a solid foundation for long-term economic success.
With Prime Minister Narendra Modi’s visit to Oman, the bilateral relationship is poised to enter a new phase, leveraging centuries-old maritime links that date back to historical ports like Lothal.
