MUSCAT: Oman is a country of strategic importance for India and the defence forces of the two countries have held joint exercises,” according to Mridul Kumar, joint secretary (Gulf), MEA. “Besides several agreements expected to be inked, the Middle East to India Deepwater Pipeline (MEIDP) and MoU on Oman’s food security will be discussed between the two sides. Oman can be a gateway for Indian companies for easier access to large markets within the GCC, north/east Africa, free trade agreements with the US, Singapore and others,” Sheikh Hamad bin Saif bin Abdul Aziz Al Rawahi, ambassador of Oman, told FE. Indians form the largest expatriate group in the 4 million population of Oman, who repatriate to India around $3 billion in earnings annually. PM Modi’s visit will help in opening the door wider for providing more investment opportunities to new business men and investors, the Omani envoy said. According to him, “The visit represents the deep Oman-India ties and consultations on political developments for the benefit of the Indian Ocean region. During the visit, both our leaders will focus on intensifying the cooperation in key sectors such as trade and defence.”
In fact, in 2017, an MoU was signed by the Duqm Development Company SAOC (Tatweer) with India’s Adani Ports and Special Economic Zone. The agreement is aimed at exploring better investment opportunities in the special economic zone at Duqm. “We were looking to India for signing an MoU with India for our food security. That is still pending due to changes in Oman. We are hoping to get supplies including wheat, rice and sugar,” the envoy said.
Bilateral trade and investment ties with Oman rose by 3.6% from $ 3.8 billion in 2015-16 to $4 billion in 2016-17.