Strategic trade discussions in Muscat aim for deeper bilateral cooperation.

Union Minister Piyush Goyal is currently in Oman to pave the way for a transformative era in India-Oman economic ties. In a high-level meeting with Oman’s Commerce Minister, Qais bin Mohammed Al Yousef, both leaders focused on expanding the existing trade framework and unlocking new investment potential.

This diplomatic engagement coincides with Prime Minister Narendra Modi’s arrival in Muscat, marking the final stop of his three-nation tour. The discussions are centered on turning long-standing "civilizational ties" into modern economic wealth. Minister Goyal highlighted that the current momentum is a direct result of the vision shared by PM Modi and Sultan Haitham bin Tarik.

Rising Trade Figures and Joint Ventures

Economic data reveals a significant upward trajectory in the partnership. Bilateral trade jumped from USD 8.947 billion in the 2023-24 fiscal year to an impressive USD 10.613 billion in FY 2024-25. This growth is supported by a massive network of over 6,000 joint ventures operating within Oman, showcasing the deep integration of Indian businesses in the Gulf region.

Addressing the Trade Balance

While the trade volume is growing, the current balance favors Oman. Imports from the Gulf nation saw a nearly 45% surge last year, while Indian exports experienced a slight dip of 8.1%. The meeting between the two commerce ministers is seen as a strategic move to address these shifts and create a more balanced, mutually beneficial commercial environment.

A Historic Milestone

The visit is particularly symbolic as both nations celebrate 70 years of official diplomatic relations. With Indian outward investment in Oman reaching USD 675 million, the focus now shifts to sectors like technology, energy, and logistics. Tomorrow’s leadership-level talks are expected to finalize several agreements that will define the next chapter of this strategic partnership.