AMN / BIZ DESK
The proposed India–Oman Free Trade Agreement (FTA) is expected to open up significant opportunities across multiple sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components, Union Minister of Commerce and Industry Piyush Goyal said on Wednesday.
Speaking at the India–Oman Business Forum in Muscat, Goyal highlighted Oman’s strategic geographic position, noting that it offers Indian companies easier access to markets across the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia and Africa, making the country an important gateway for regional trade.
Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, said India is now Oman’s third-largest trading partner, while Oman remains a preferred destination for Indian investors. He pointed out that Indian investments in Oman have more than tripled since 2020 to about USD 5 billion, spanning sectors such as green steel, green ammonia, aluminium manufacturing and logistics, reflecting strong confidence in Oman as a long-term business base.
Describing the proposed FTA as a major milestone in bilateral relations, Goyal said it would be Oman’s first free trade agreement in nearly two decades. He also recalled the centuries-old maritime and trading links between the two countries, including historic exchanges through ports such as Lothal, underlining the deep-rooted nature of India–Oman ties.
The Minister noted that the forthcoming visit of Prime Minister Narendra Modi to Oman will coincide with the completion of 70 years of diplomatic relations between the two nations. He also referred to India’s decision to invite Oman as a special guest during its G20 Presidency in 2023, reflecting the high level of mutual trust and strategic partnership.
Goyal highlighted vast potential for cooperation in the services sector, including professional services, accounting, business process re-engineering, research and development, tourism, healthcare and education. He identified four priority areas for future collaboration: energy transition (including green hydrogen and renewables), infrastructure development (ports and multimodal logistics), food security (cold chains and food parks), and startup ecosystem collaboration, particularly in deep tech, logistics and artificial intelligence.
Emphasising youth-led growth, the Minister said India’s Viksit Bharat 2047 vision aligns closely with Oman’s Vision 2040, with demographic strength and entrepreneurial dynamism in both countries providing a strong base for sustained economic engagement.
Expressing optimism about the road ahead, Goyal said the India–Oman partnership, built on trust, shared history and complementary strengths, is poised to enter a new phase of growth, with businesses on both sides working together to fully tap emerging opportunities.