India-Oman trade grows significantly as over 6,000 joint ventures strengthen economic ties
India’s Free Trade Agreement (FTA) with Oman is nearing completion, Commerce and Industry Minister Piyush Goyal confirmed on Saturday, highlighting the growing momentum in India’s trade diplomacy, reported zawya.com.
India-Oman FTA in final stages as trade hits over $10.6 billion in FY25
Speaking to the media, Goyal stated that discussions with Oman on a Free Trade Agreement are “almost finalised,” and that negotiations with the US and the European Union are also progressing swiftly. The potential agreement with Oman reflects the strategic depth of India’s economic engagement with the Gulf nation.
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India’s bilateral trade with Oman surged to USD 10.613 billion in FY 2024-25, up from USD 8.947 billion the previous year
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The robust growth underscores the flourishing commercial relationship
Over 6,000 joint ventures and major Indian investments in Oman
According to the Indian Embassy, more than 6,000 India-Oman joint ventures operate within Oman, involving an estimated investment of over USD 776 million. Key areas of Indian investment include the Sohar and Salalah Free Zones.
Additionally, cumulative FDI equity inflows from Oman into India between April 2000 and March 2025 stood at USD 605.57 million, demonstrating a two-way investment flow.
Oman is a strategic trade partner for India
Oman ranks as India’s 28th largest trading partner in FY 2024-25, while India is Oman’s third-largest non-oil export partner and fourth-largest source of imports.
India’s main exports to Oman in 2024 included light oils and preparations, aluminium oxide, rice, boilers and machinery, aircraft, electrical equipment, beauty products, plastic goods, iron and steel, and ceramic products.
On the import side, India sourced petroleum crude, LNG, urea, organic chemicals, anhydrous ammonia, sulphur, lime, and plastic in primary forms from Oman.
