· The dialogue reaffirmed that the Oman–India relationship extends beyond commerce to encompass shared values, long-standing people-to-people ties, and a common vision for stability and progress
· With renewed momentum from high-level engagement, growing private-sector participation, and the prospect of a comprehensive FTA, the partnership is well positioned to enter a new era—one that delivers tangible value to businesses, economies, and communities in both nations
PRAVASISAMWAD.COM
Muscat recently marked a notable moment in Oman–India relations with the successful hosting of the Oman–India Business Dialogue, a high-level forum that highlighted the expanding economic, strategic, and people-centric partnership between the two countries.
Convened at the Sheraton Oman, the dialogue reflected the growing maturity of bilateral ties and a shared commitment to building a future driven by sustainable growth, innovation, and mutual prosperity.
The event took place during a landmark year as Oman and India commemorate 70 years of diplomatic relations. Guided by the leadership of His Majesty Sultan Haitham bin Tarik, and Indian Prime Minister Narendra Modi, the dialogue underscored the intention of both nations to elevate cooperation into a more transformative and future-ready phase.
The forum brought together senior policymakers, business leaders, and institutional stakeholders from both sides, reinforcing the central role of the private sector in strengthening bilateral engagement.
It was jointly attended by Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, and Piyush Goyal, India’s Union Minister of Commerce and Industry. The event was organized by the Oman Chamber of Commerce and Industry (OCCI), under the chairmanship of Faisal bin Abdullah Al Rowas, further emphasizing the importance of business-led collaboration.
In his address, Minister Piyush Goyal described the proposed India–Oman Free Trade Agreement (FTA) as a potential game changer for bilateral commerce. He noted that such an agreement could significantly enhance trade flows and unlock opportunities across a wide range of sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy, auto components, and services. He also highlighted Oman’s strategic geographic position, which offers Indian businesses a vital gateway to markets across the Gulf Cooperation Council, Africa, Central Asia, and Eastern Europe.
· Looking ahead, the Indian minister outlined four priority pillars for future cooperation: energy transition with a focus on renewables and green hydrogen; infrastructure and multimodal logistics, including ports and supply chains; food security supported by cold chains and food parks; and innovation ecosystems, particularly in areas such as deep technology, logistics solutions, and artificial intelligence
· He also recalled the centuries-old maritime and trading connections between the two nations, noting that today’s partnership is built on trust, shared history, and complementary economic strengths
Qais Al Yousef, in his remarks, emphasized the depth of the economic relationship, pointing out that India has become Oman’s third-largest trading partner. Indian investments in Oman have surpassed USD 5 billion, more than tripling since 2020. These investments span key sectors such as green steel, green ammonia, aluminium manufacturing, logistics, and industrial development, reflecting strong confidence in Oman’s stable, competitive, and forward-looking investment environment.
The dialogue also witnessed strong participation from leading Indian industrialists and investors, underscoring the seriousness of private-sector engagement. Senior business figures interacted directly with Omani counterparts to explore concrete collaboration opportunities and long-term partnerships.
Discussions were organized around two focused plenary sessions. The first examined ways to expand trade relations, addressing issues such as market access, export–import facilitation, logistics efficiency, regulatory alignment, and the role of chambers and business councils. The second session focused on enhancing the Oman–India investment partnership, with attention to priority sectors, investment incentives, public–private partnership models, and high-value projects aligned with Oman Vision 2040 and India’s long-term development roadmap, Viksit Bharat 2047. These sessions were complemented by structured networking meetings that enabled businesses to initiate cooperation across infrastructure, manufacturing, technology, tourism, logistics, and emerging industries.
Beyond trade volumes and investment figures, the Oman–India Business Dialogue highlighted broader benefits for both economies and societies. A stronger economic partnership is expected to support job creation, skill development, technology transfer, and innovation, while also strengthening supply chains and enhancing food and energy security. Small and medium-sized enterprises and startups stand to gain from improved market access and collaborative innovation platforms, while communities benefit from inclusive and sustainable growth.
