6th Indo-Oman Joint Commission Reviews Bilateral Economic Relations

Shri Sharma emphasized the priority attached by Indian Government for cooperation with Oman in Petroleum, Gas and fertilizer sectors while the Deputy PM (oman) underscored the need for greater cooperation in capacity building and information technology. Omani side agreed in-principle to invest in India for revival of few closed plants of Fertilizer Corporation of India (FCI) and Hindustan Fertilizer Corporation Ltd. (HFCL) and the expansion in RCF (PSU of Government of India) through investment by Oman Oil Company.

India-Oman Joint Investment Fund initiative is expected to function as a catalyst to promote and partnership between the private sectors of the two countries and enhance the trade and investment between the two countries. Shri Sharma stressed on the need for the fund to be operationalised and augmented immediately.

A number of sectors have been identified for investment cooperation such as (a) Agriculture (b) Air ports, sea ports and railways (c) Hospitals (d) Power including nuclear power (e) Renewable energy including solar and wind energy (f) Mining (g) Oil and gas (h) Education and skill development (i) Tourism (j) Healthcare (k) Infrastructure and (l) Chemicals and Fertilisers. 

The Omani side expressed its keenness for

• setting up super-speciality hospitals in India in the form of Joint Ventures
• Investments in agro processing specially in Indian SEZs

Oman has a strategic location,  which offers huge opportunities for Indian products to these markets apart from the GCC.