On October 19, 2020, the 9th Session of the India-Oman Joint Commission Meeting (JCM) was held virtually which was co-chaired by Hardeep Singh Puri, Minister of State (MoS) for Commerce and Industry and Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of Oman. The JCM was held to review the recent developments in trade and investment ties and on economic situation amid COVID-19.
- During the meet, both sides reaffirmed their commitment to expand the bilateral trade and investment in each other’s country.
- It should be noted that in July 2020, Oman signed the International Solar Alliance (ISA) Framework Agreement.
–India invited Omani Sovereign Wealth Funds and private businesses to invest in India.
–Both sides agreed to cooperate in areas of Agriculture & Food Security, Standards & Metrology, Tourism, Information Technology, Health & Pharmaceuticals, MSMEs, Space, Civil Aviation, Energy including renewable energy, Culture, Mining, and Higher Education.
— They also agreed to expedite their internal procedures for signing and ratification of the Protocol amending India-Oman Double Taxation Agreement and conclusion of the India-Oman Bilateral Investment Treaty.
–The officials also reviewed the progress of Memorandums of Understanding (MoUs) in the field of mining, standards and metrology, financial intelligence, cultural exchange, and information technology, and agreed to conclude them expeditiously.
— For Oman, India was the 3rd largest source for its imports and 3rd largest market for its non-oil exports.
–Bilateral trade between India and Oman grew at 8.5% in 2019-20 over the previous year to reach USD 5.93 billion.
–India’s exports to Oman were valued at USD 2.26 billion while India’s imports from Oman were USD 3.67 billion in 2019-2020.
–There are over 4100 Indian enterprises and establishments in Oman with an estimated investment of US$ 7.5 billion.
—Cumulative FDI (Foreign Direct Investment) equity inflows from Oman to India during the period April 2000-June 2020 amounted to USD 535.07 million.
Recent Related News:
i.On August 25, 2020, Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce and Industry, has signed two MoUs (Memorandum of Understanding) one each with AFC (formerly Agricultural Finance Corporation Ltd) India Limited, and National Cooperative Union of India (NCUI),Delhi for working together in the interest of agriculture and allied sectors.
ii.On September 22-24, 2020, the 15th CII-Exim Bank Digital Conclave on India-Africa Project Partnership was held virtually from New Delhi which was organized by Confederation of Indian Industry (CII) and EXIM (Export-Import) Bank with the support of Ministry of External Affairs (MEA) and Ministry of Commerce and Industry, Government of India.
Currency– Omani Rial
Sultan– Haitham bin Tariq Al Said