Strategies and opportunities were highlighted for Indian companies in Oman in this sector
The 10th Session of the India-Oman Joint Commission Meeting (JCM) was recently held in New Delhi. It was co-chaired by Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India and Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, who is in India now with a 48-member delegation comprising senior officials and business leaders.
Discussions were held on fast-tracking of approvals for the registration of Indian pharmaceutical products already registered by US FDA, UKMHRA and EMA.
A joint release of a Market Research Report commissioned by the Embassy of India, Muscat on the pharmaceutical sector in Oman highlighted strategies and opportunities for Indian companies in Oman in this sector.
Discussions were held on all Memorandum of Understanding (MoUs)/ Agreements under discussion, including standards and metrology, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman etc.
Enhance collaboration across a range of fields with particular emphasis on the 3Ts (Trade, Technology, Tourism), food & agriculture, renewable energy including Green Hydrogen and Green Ammonia, health and pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and tourism.
Bilateral trade has been witnessing robust growth increasing from US$ 5.4 billion in 2020-21 to $9.94 billion during 2021-2022, an impressive annual growth of 82.6 per cent. Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilisers, textile, cables, chemicals, automotive, etc. There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of $7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-December 2021 amounted to $558.68 million.