India-Oman investment, trade rising, says envoy

Energy Wednesday 20/January/2016 22:03 PM
By: Times News Service
India-Oman investment, trade rising, says envoy

Muscat: No destination is better than India for investment purposes, said Indian ambassador to the Oman, Indra Mani Pandey at a seminar recently.
“India is the best place for investment as it can provide you the returns on whatever you have invested,” said the ambassador on the sidelines of the ‘Invest in India’ seminar.
According to the ambassador, investment between India and the Sultanate is on the rise.
“An important pillar of India’s strategic partnership with Oman is the growing mutual investment and trade. Mutual investment between the two countries has been growing and is estimated at around $7.5 billion,” said the ambassador.
According to the Indian embassy in Oman, the first tranche of India-Oman Joint Investment Fund of $100 million has already been invested and discussions are underway to finalise the second tranche of $300 million. There is a huge untapped potential, said the official.
The fundamentals of India’s economy remain strong and it is poised to grow at a fast pace in the future. The fast-growing economy offers immense opportunities for foreign direct and portfolio investments from Oman.
The embassy has accorded high priority to explore and utilise every available opportunity to enhance interactions with the Omani business community as well as the Indian business community in Oman.
Attractive for business
Even though the Omani business community is familiar with the investment opportunities in India, it has been felt that there is a need to highlight the new initiatives taken by the present Indian government, aimed at making India an attractive place to do business.
With a view to reaching out to the Omani and Indian business communities in Oman, the Indian embassy in Muscat, organised the ‘Invest in India’ seminar.
Oman’s Minister of Commerce and Industry Dr. Ali bin Masoud Al Sunaidy was the chief guest of the seminar which was held on the embassy premises.
The purpose of the seminar was to inform key Omani enterprises, business houses, investments funds and banks of the investment opportunities available in India. The embassy had invited the seminar representatives of the Government of Oman, relevant organisations from the economic, financial, trade and investment sectors, financial institutions, Chambers of Commerce, and banks, in addition to pension funds, chartered accountancy firms, key business houses etc.
There was a presentation by representatives of Invest India, which is a joint venture of Federation of Indian Chambers of Commerce and Industry (FICCI)and the Ministry of Commerce, and three key States of India of Gujarat, Kerala and Maharashtra.
There was also a presentation by the Institute of Chartered Accountants of India (ICAI), Deloitte, Ernst&Young and KPMG. Mohammed Al Barwani, chairman, MB Group of Oman, also shared his experience of doing business in India.