Puri invites Omani investments
Indian and Omani ministers have 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.
This was part of the reviews of bilateral relations by the India-Oman Joint Commission Meeting (JCM) on 19 October 2020 through the virtual platform.
It was co-chaired by Hardeep Singh Puri, Minister of State for Commerce and Industry and Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion. Representatives of various government departments/ministries from both sides attended the meeting.
The Indian side appreciated Oman for signing and ratification of the International Solar Alliance (ISA) Framework Agreement.
Puri invited Omani Sovereign Wealth Funds and private businesses to invest in India.
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.
Bilateral trade between India and Oman grew at 8.5% in 2019-20 over the previous year to reach US$5.93 billion. While India’s exports to Oman were valued at US$2.26 billion, India’s imports from Oman amounted to US$3.67 billion in 2019-2020.
There are over 4,100 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 US$535.07 million. #exports #investment #oman #petroleum /fiinews.com
