Muscat: The trade between Oman and India was worth more than OMR1 billion in 2019, according to the available data.
Oman Chamber of Commerce and Industry (OCCI) yesterday organised a virtual meeting themed “Prospects for Trade Cooperation between the Sultanate and India" as part of its new initiative (OCCI Global Communication) that was recently launched.
Qais bin Mohammed Al Youssef, OCCI Chairman appreciated the participation of the Indian Chambers in this important event, which undoubtedly confirms the common desire of the Sultanate and India to enhance the level of partnership and cooperation in various economic and investment fields in particular.
Dr Qais said: "Available statistics indicate that the volume of trade exchange between the two countries in 2019 was more than OMR1 billion ($3.42 billion).
The total imports from India to the Sultanate amounted to approximately OMR445 million while the Omani exports during the same year were about OMR725 million. The volume of Indian investments registered in the Sultanate until 2019 stood at approximately OMR276 million.
“The Sultanate during the comprehensive Renaissance led by the late Sultan Qaboos bin Said bin Taimour presented many achievements at all economic and social levels. The data showed that the Sultanate’s gross domestic product increased to about OMR30.5 billion by the end of 2018, which is the highest level since the decline in oil prices in 2014," he said.
"Thus, the Sultanate’s GDP has increased by 12 per cent, compared to 2017, according to the statistics of the National Center for Statistics and Information(NCSI). Now, under the leadership of His Majesty Sultan Haitham Bin Tarik, growth and prosperity continue under this renaissance, under his wise leadership," he added.
Munu Mahawar, Ambassador of the Republic of India to the Sultanate praised the initiative of OCCI, which started its first activities with India.
He also commended OCCI role in strengthening trade relations between the two friendly countries that have had a commercial relationship for years.
He also praised the leaders of the two countries who recommend to promote continuous cooperation and lasting support to build partnerships.
He added that this interaction leads to more effort, and the two countries have expanded trade engagement.
The Ambassador of the Republic of India to the Sultanate pointed out that there are a number of sectors that India works with the Sultanate in a number of wilayats, such as Sohar and Salalah, including mining, health care, food security and other commercial sectors.
Pankaj Khimji, head of the Omani side at the Omani-Indian Joint Business Council, made a presentation about the changes brought about by the COVID-19 pandemic and the effects of oil prices, as well as opportunities arising from challenges.
He also highlighted the importance of sharing opportunities arising from challenges with business partners, to find a common point that supports trade relations between the two friendly countries.
He stressed that these relations extend for thousands of years and are continuing through the conclusion of trade agreements in various fields, such as science and technology, in addition to diplomatic and economic fields, and other areas that reflect the strength of the relationship between the two countries.
The meeting was attended by businessmen from both sides.