Muscat: Oman Chamber of Commerce and Industries (OCCI) and the Indo Gulf & Middle East Chamber of Commerce (INMECC) signed a Memorandum of Understanding (MOU), to boost economical, commercial and trade activities in Oman and India.
Sheikh Faisal Al Rawas, Chairman of OCCI and Dr N. M. Sharafudeen, Chairman of INMECC signed the MOU at the OCCI headquarters in Ruwi.
Davis Kallukaran, Founder Director of INMECC in his welcome address said that India is among Oman’s top trading partners. India is the 2nd largest market for Oman’s crude oil exports for the year 2022 after China. India is also the 4th largest market for Oman’s non-oil exports for the year 2022 after UAE, the US and Saudi Arabia and 2nd largest source of its import after UAE.
He added that INMECC and OCCI can work together for the progress of the priority sectors identified by Oman Vision 2040 in the areas of agriculture & fisheries, mining, tourism, manufacturing and logistics, especially in tourism since the share of tourism to Oman's economy is only 2.4 per cent of the GDP compared to the global average of 10 per cent.
A delegation of senior officials and business representatives from diverse areas spanning health, pharmaceuticals, mining, tourism, telecommunication, energy, shipping, and real estate from Oman led by Qais bin Mohammed Al Yousef Commerce, Industry & Investment Promotion Minister and Redha Juma Saleh, OCCI Chairman had held a meeting with the delegates of Indo Gulf & Middle East Chamber of Commerce (INMECC), at Mumbai in May 2022, which has culminated in the signing of the MoU.
During the signing ceremony, Sheikh Faisal said that both chambers can play a very vital role and facilitate the successful implementation of the objectives of the agreement among various sectors of our economies where the people of both countries will be the ultimate beneficiaries. India and Oman are linked by geography, history, trade and culture and enjoy cordial relations for many decades.
The economic and commercial relations between India and Oman are robust and resilient. Bilateral trade during FY 2021-2022 reached $9.988 billion. Investment flows, both ways, have been robust, as reflected in numerous joint ventures, established both in India and Oman.
He appreciated the Government of India for inviting Oman to the G20 summit and said, “The Government of Oman take this as a great honour to the people of Oman.The Sultanate’s unique character can be attributed to its stable economy, its people, location and infrastructure which boast some great reasons why you should invest and relocate to Oman. More people are choosing Oman; it is a country that will open your eyes to new experiences and exciting business possibilities. With opportunities across several sectors it could be the ideal home for your business to grow and develop.”
Sharafudeen presented the mission and vision of INMECC and specified that there are over 6,000 India-Oman joint ventures in Oman with an estimated investment of over $7.5 billion. Indian companies have emerged as leading investors in Oman, particularly in Sohar and Salalah Free Zones. New Indian investments are also coming into Duqm Special Economic Zone. Both India and Oman accord high priority to strengthening economic and commercial relations between the two countries.
During the meeting, a few valuable proposals were discussed as part of Oman Vision 2040 between the delegates of two chambers, and India would be the base for supporting education, training, skilling and tourism segments. This will improve bilateral relationships, better opportunities and employment. Both chambers will collaborate to promote various areas in tourism, manufacturing, trading, agriculture, skilling and upskilling of Omani youths. OICC and INMECC will plan investment meets in India and Oman on these sectors.
Pravin Kumar, First Secretary, Indian Embassy, Dr Sureshkumar Madhusudhanan, Secretary General of INMECC, Abdul Latheef, Director OCCI Board, Mohiyuddin Mohamed Ali, Acting President of Oman Chapter of INMECC, and chapter directors Aftab Patel, Warith Al Kharussi and Ahamed Rayes, officials of Oman Chamber of Commerce and Industries were present at the signing ceremony. The Secretary General of INMECC, Dr Sureshkumar Madhusudhanan proposed the vote of thanks.