NEW DELHI, India — The proposed India–Oman free trade agreement is expected to unlock significant opportunities across a wide range of sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy, and auto components, Commerce and Industry Minister Piyush Goyal said on Wednesday.
Addressing the India–Oman Business Forum in Muscat, Goyal highlighted Oman’s strategic geographic position as a gateway to the Gulf Cooperation Council, Eastern Europe, Central Asia, and Africa, offering Indian businesses improved access to regional and global markets.
Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, said India has emerged as Oman’s third-largest trading partner and remains a key source of investment across several strategic sectors. He noted that Indian investments in Oman have more than tripled since 2020 to about $5 billion, spanning areas such as green steel, green ammonia, aluminum manufacturing, and logistics. These investments, he said, reflect India’s confidence in Oman as a long-term base for operations.
Goyal described the proposed free trade agreement as a defining milestone in bilateral relations and noted that it would be the first free trade pact Oman has entered into in nearly two decades.
The minister also pointed out that Prime Minister Narendra Modi’s forthcoming visit to Oman coincides with the 70th anniversary of diplomatic relations between the two countries. He recalled India’s decision to invite Oman as a special guest during its G20 Presidency in 2023 as a sign of strong mutual trust and a deepening strategic partnership.
Highlighting opportunities beyond goods trade, Goyal underscored the potential for collaboration in services such as professional and accounting services, business process re-engineering, research and development, tourism, healthcare, and education. He identified four priority areas for future cooperation: energy transition, including green hydrogen and renewable energy; infrastructure development, particularly ports and multimodal logistics; food security through cold chains and food parks; and collaboration between startup ecosystems, especially in deep technology, logistics, and artificial intelligence.
Referring to the shared focus on youth-driven growth, Goyal said India’s vision of “Viksit Bharat 2047” aligns closely with Oman’s Vision 2040. He added that the strong entrepreneurial spirit and youthful demographics in both countries provide a solid foundation for long-term economic cooperation.
Goyal expressed confidence that the India–Oman partnership, built on shared history, trust, and complementary strengths, is poised to enter a new phase of growth, with businesses from both sides well positioned to capitalize on opportunities emerging from closer bilateral engagement. (Source: IANS)
