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The 11th meeting of the Oman-India Joint Committee was held here yesterday, January 28, 2025, under the leadership of Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, and Piyush Goyal, India’s Minister of Commerce and Industry. The meeting was attended by senior officials from both sides.
The committee discussed strengthening trade and investment relations, focusing on mutual interests in renewable energy, technology, healthcare, and tourism. Both sides highlighted the importance of their strategic partnership, further solidified by the historic visit of His Majesty Sultan Haitham bin Tarik to India in December 2023.
Al Yousef noted that bilateral trade reached RO 2.05 billion in 2023 and emphasized Oman’s Vision 2040, focusing on sustainable growth, economic diversification, and renewable energy, particularly green hydrogen. He expressed confidence that expanding cooperation across sectors will create new investment opportunities and strengthen the economic partnership between Oman and India.
The committee also explored avenues to enhance investment collaboration. Indian companies have invested over $750 million in Oman as of December 2023, while the cumulative flow of Omani investment into India has reached approximately $600 million from 2000 to 2024. The Indian delegation presented several key initiatives, such as “Make in India” and “Digital India,” aimed at attracting more Omani investments to India.
The meeting saw extensive discussions on a variety of crucial sectors. In energy, both sides reaffirmed the importance of collaboration in renewable energy, with a particular focus on green hydrogen and green ammonia. In agriculture and food security, the committee agreed to intensify cooperation in agricultural investment and technology transfer, with an emphasis on agricultural and fisheries products. Further, cooperation in the healthcare sector, education, special economic zones, transport, and logistics was also discussed.
The meeting resulted in an agreement to establish a joint investment fund for sustainable infrastructure, focusing on renewable energy transport. The two countries also discussed expanding banking cooperation, resolving tariff issues, and facilitating trade in agricultural products like basmati rice and Omani dates.
Looking towards the future, both sides are committed to strengthening cooperation in environmental and climate change initiatives, including investments in the circular economy and green projects. The two nations also expressed their intention to promote tourism cooperation through joint exhibitions and the exchange of expertise.