Friday 18 / October / 2024
Muscat: India is wooing investors from Oman offering permanent residency status valid for 10 years and extendable for another 10 years.
“Investors from Oman will be granted permanent residency status if he or she invests OMR600,000 within 18 months or OMR1.44 million in 36 months, and create 20 jobs for Indians every year,” Indra Mani Pandey, the Indian ambassador to Oman, said.
“Apart from free entry and no restrictions on the duration of stay, foreign investors are allowed to purchase one residential property in India for residential purposes. The spouses and dependents of investors will be allowed to work or study in India,” the Indian ambassador added.
Ambassador made the announcement during a seminar organised in Oman to attract investment for India.
“To promote visits by Omani businessmen to India, the Indian embassy has also streamlined business visa processes and issues multiple entry visas with a minimum six month validity. For high-level management of Omani companies, the embassy is also issuing visas valid for one to five years,” the ambassador added.
With recent improvements in ease of doing business, India has been receiving a record amount of foreign direct investment (FDI) US$ 44 billion during April 2015-March 2016, and US$ 29 during April-September 2016.
During the seminar, Ambassador drew attention to the decline in bilateral trade between India and Oman from US$ 5.7 billion during the year ending March 2014 to US$ 3.8 during the year ending Mach 2016, and invited business communities of India and Oman to expand their mutual trade and investments.
He underlined that India, as always, is keen to work with the government and business community of Oman to achieve the goal of diversification of Oman’s economy, with focus on sectors identified through Tanfeedh.
