India–Oman FTA to Open New Growth Avenues: Piyush Goyal
PM Modi’s Oman visit to mark 70 years of ties; energy, infrastructure and innovation in focus
GG News Bureau
Muscat, 18th Dec: Union Minister of Commerce and Industry Piyush Goyal on Wednesday said the proposed India–Oman Free Trade Agreement (FTA) will unlock major opportunities across key 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, offering Indian businesses enhanced access to regional and global markets. He described the forthcoming FTA as a defining milestone in bilateral relations and noted that it would be Oman’s first free trade agreement in nearly two decades.
Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, said India has emerged as Oman’s third-largest trading partner, while Indian investments in the Sultanate have crossed USD 5 billion. He noted that Indian investments have more than tripled since 2020, spanning green steel, green ammonia, aluminium manufacturing and logistics, reflecting India’s confidence in Oman as a long-term economic partner.
Goyal recalled the centuries-old maritime links between India and Oman, citing historic trade routes through ports such as Lothal. He said the upcoming visit of Prime Minister Narendra Modi to Oman coincides with the celebration of 70 years of diplomatic relations between the two countries, underlining the depth of mutual trust and cooperation. He also recalled India’s decision to invite Oman as a special guest during India’s G20 Presidency in 2023.
Highlighting future areas of collaboration, the minister identified four key pillars—energy transition including green hydrogen and renewable energy; infrastructure development covering ports and multimodal logistics; food security through cold chains and food parks; and innovation-driven cooperation between startup ecosystems in areas such as deep tech, logistics and artificial intelligence.
He also underlined opportunities in services such as professional services, accounting, business process re-engineering, research and development, tourism, healthcare and education. Drawing parallels between India’s vision of Viksit Bharat 2047 and Oman’s Vision 2040, Shri Goyal said the youthful energy and entrepreneurial spirit of both nations provide a strong foundation for sustained economic engagement.
Expressing optimism about the future, the minister said the India–Oman partnership, built on shared history and complementary strengths, is poised to enter a new phase of growth, with businesses from both sides well placed to leverage the expanding opportunities under strengthened bilateral cooperation.
