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India and Oman look to boost ties after $3.7bn bilateral trade in first nine months of the year.
Dec 15, 2023

India and Oman are looking to further develop economic and diplomatic ties as bilateral trade between the two countries hit $3.7bn in the first nine months of this year.
 
The bilateral relations between Oman and India have seen a remarkable progress and an advanced cooperation that contributed in establishing strategic partnership based on mutual trust and respect and enhanced by historic deep-rooted ties.
 
The talks to be held by Sultan Haitham bin Tarik with the Indian leadership in New Delhi will scale up the existing strategic partnership between the two countries towards high ranks through promoting trade, investment and cooperation to achieve integration between the two sides in diverse fields.
 
India and Oman trade
The size of commercial exchange between Oman and India stood at OR1.447bn ($3.7bn) as at the end of third quarter of 2023.
 
Meanwhile, the volume of Omani exports to India stood at OR699.218m ($1.8bn) represented in oil, minerals, LNG, polyethylene, propylate, aluminum and urea.
 
On the other hand, the volume of Omani imports from India amounted to OR747.883m ($1.9bn) represented in rice, motor fuel, natural gasoline, wheat, ignition control of vehicles and iron ore.
 
The volume of investments from the India in Oman by the end of June 2023 amounted to OR378.4m. The number of Indian companies investing in Oman by the end of 2022 reached 1,744 with an investment volume of OR281m.
 
These investments distributed in sectors of industry, construction, trade, transportation, communications, oil and gas, mining, quarrying, education, agriculture, fisheries, tourism and health.
 
The invitation extended by India to Oman as a guest of honour in the G20 Summit which it hosted, represents an affirmation of the advanced and sincere relations between the two friendly countries.
 
These relations were confirmed by Muscat and New Delhi during the eighth Omani-Indian strategic dialogue session last January 2023, which highlighted the top priority that the two leaderships attach to strengthening bilateral strategic relations based on mutual trust and respect.
 
Issa bin Saleh Al Shaibani, Ambassador of Oman to India, said that what unites the two countries is their historic deep-rooted relations.
 
Al Shaibani said that since the establishment of official diplomatic relations between the two countries in 1955, they have taken great strides in the field of strategic cooperation, the positive outcomes we are witnessing clearly in the increase in the volume of bilateral trade between the two countries to about $10bn during the period from 2021 to 2022.
 
Amit Narang, Ambassador of the Republic of India to the Sultanate of Oman, said that economic relations between the two countries are witnessing a strong recovery, as bilateral trade has doubled from $5.4bn in 2020-2021 to $12.3bn in the fiscal year 2022-2023.
 
He also noted that the Asian nation is also among the largest investors in Oman, as it has a strong presence in ports and free zones in Sohar, Salalah, and increasingly in Duqm.
 
The ambassador also highlighted the tremendous opportunities to expand the scope of economic, trade and investment cooperation between the two countries in the coming years due to the fact that the economy is on the verge of becoming the third largest economy in the world, in addition to the purposeful steps taken by Oman for economic diversification.
    
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