The bilateral trade between India and Oman is expected to flourish following the execution of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
This was stated by H E Qais al Yousuf, Minister of Commerce, Industry and Investment Promotion, during his meeting with the Board of Directors of the Indo Gulf & Middle East Chamber of Commerce (INMECC) at his office in the ministry.
The priority of the country is to promote industries engaged in manufacturing, transport and logistics, tourism, energy and mining, and food security, the minister told the INMECC officials, as per a press statement.
He further mandated that the activities of the Oman Chapter of INMECC have to be carried out under the umbrella of the Oman Chamber of Commerce and Industry (OCCI) only, and to this extent, a registration will be initiated. The minister assured his full support for INMECC’s future endeavors.
The meeting also discussed the possibilities of holding joint events with OCCI on startup investments and hosting related events in Oman. This initiative aims to foster innovation and entrepreneurship, creating new opportunities for both countries. Further discussions with the minister centered on the role INMECC can play in supporting Invest Oman and the Oman Business Forum.
“The goal is to build and enhance these initiatives, contributing to the economic landscape of Oman,” Davis Kallukaran, Managing Partner of Crowe Oman, said in a press statement.
The meeting proposed organising an annual mega event, with the participation of Invest Oman, OCCI, and INMECC. “This event aims to positively impact the overall business landscape of Oman,” Kallukaran added.
The meeting with H E Yousuf also discussed cooperation for better utilisation of the sultanate’s hospitality infrastructure. India, being the closest neighbor with almost 20% of the world’s population, appeared to be a natural choice for the sultanate to draw more tourists from and hence increase its visibility in India to attract more tourists.
Another major area discussed was attracting more investors to the healthcare sector in Oman. It was suggested that to bring in more investors to this sector, INMECC requested the minister to address obligatory insurance requirements and to streamline and regulate the payment cycle to service providers.
The meeting was attended by Dr Suresh Madhusudhanan, Secretary General of the Board of Directors of INMECC, Vice Chairman Dr James Mathew from UAE, Dr Siddeek Ahmed from Saudi Arabia, and Directors Rajesh Sagar from Kuwait and Davis Kallukaran from Oman, along with the Oman Chapter President Mohiuddin Mohammed Ali.
