New Delhi: Commerce and Industry Minister Piyush Goyal said that the India-Oman free trade agreement (FTA) would open significant opportunities across sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components.
Addressing the India-Oman Business Forum in Muscat, Goyal highlighted Oman’s strategic location as a gateway to the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia and Africa, which offers enhanced market access for Indian businesses.
Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, in his address said that India has emerged as Oman’s third-largest trading partner and Oman continues to be a key destination for Indian investments across strategic sectors.
He stated that Indian investments in Oman have more than tripled since 2020, reaching $5 billion, spanning sectors such as green steel, green ammonia, aluminium manufacturing and logistics. He emphasised that these investments reflect India’s confidence in Oman as a long-term operating base.
Goyal also highlighted that the proposed free trade agreement (FTA) between the two countries is a defining milestone in the bilateral relationship between the two countries and noted that it would be the first free trade agreement Oman is entering into in nearly two decades.
