New Delhi, Dec 17 (IANS) Commerce and Industry Minister Piyush Goyal said on Wednesday that the proposed 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. The minister highlighted that the forthcoming visit of Prime Minister Narendra Modi to Oman coincides with the celebration of 70 years of diplomatic relations between the two nations. He recalled India’s decision to invite Oman as a special guest during India’s G20 Presidency in 2023 as a reflection of the strong mutual trust and strategic partnership between the two countries.

Goyal also underlined the potential for collaboration in services such as professional services, accounting, business process re-engineering, research and development, tourism, healthcare and education. He identified four broad areas for future cooperation: energy transition, including green hydrogen and renewable energy; infrastructure development, including ports and multimodal logistics; food security through cold chains and food parks; and collaboration between startup ecosystems, particularly in deep tech, logistics and artificial intelligence.

Referring to the shared emphasis on youth-led growth, the minister highlighted the alignment between India’s vision of 'Viksit Bharat 2047' and 'Oman’s Vision 2040'. He emphasised that the youthful energy and entrepreneurial spirit in both countries provide a strong foundation for long-term economic cooperation. Goyal expressed confidence that the India-Oman partnership, built on trust, shared history and complementary strengths, is poised to enter a new phase of growth. Businesses from both sides, working together as trusted partners, can fully leverage the opportunities emerging from the strengthened bilateral engagement, he added.