Muscat: India is the second-biggest market for Oman's non-oil exports, according to Anil Wadhwa, India's Ambassador to Oman.
Addressing a gathering which included officials from the Omani government, representatives from wilayats, Chamber of Commerce, CEOs of various companies and business professionals during a seminar on opportunities of doing business with India, the envoy said that India was the fourth-largest destination of re-exports and the fourth largest source of imports for Oman.
Improved ties
"In the last four-five years, trade and economic ties between India and Oman have grown at greater speed. Trade between India and Oman reached $4.5 billion (Dh16.5 billion) from April 2009 to March 2010, the Indian financial year," Wadhwa said.
He added that the growth in bilateral commercial relations had brought the two countries even closer.
"Today it is estimated that 1,537 India-Oman joint ventures with an investment of $7.5 billion are in place," he said.
"These commercial engagements and historical relations have made Oman an admirable second home for more than 573,000 Indians. Our large expatriate workforce serves as a bridge between India and Oman, contributing to wealth and prosperity for both countries," he added.
The Indo-Oman business opportunities seminar highlighted the key sectors for investment opportunities, namely engineering, heavy engineering, pharmaceuticals, food processing, construction and real estate, drugs and agricultural products, education, tourism, health care and real estate.
Significant growth
"This seminar is confirmation of the strong bonds and close understanding between the two countries, which date back centuries," said Yousuf Al Busaidi, Chairman of the Chamber's branch in Nizwa.
"As mentioned by the ambassador in his speech there has been significant growth in bilateral trade and the multi-dimensional economic relationship between India and Oman over the past years," he added.
