New Delhi, Dec 18 (KNN) The proposed India–Oman Free Trade Agreement (FTA) is expected to open significant opportunities across a range of sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components, Commerce and Industry Minister Piyush Goyal said while addressing the India–Oman Business Forum in Muscat.
Highlighting Oman’s strategic location, Goyal said the country serves as a gateway to the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia and Africa, offering Indian businesses enhanced market access and logistical advantages.
Growing Trade and Investment Ties
Addressing the forum, Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, said India has emerged as Oman’s third-largest trading partner, while Oman continues to be an important destination for Indian investments.
He noted that Indian investments in Oman have more than tripled since 2020 to about USD 5 billion, spanning sectors such as green steel, green ammonia, aluminium manufacturing and logistics.
New Areas of Cooperation
Beyond goods trade, Goyal pointed to opportunities for collaboration in services, including 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.
FTA as a Defining Milestone
Goyal described the forthcoming FTA as a defining milestone in bilateral relations, noting that it would be the first FTA Oman has entered into in nearly two decades.
(KNN Bureau)
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