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BUSINESS REPORTER
MUSCAT, JAN 19
The Oman Chamber of Commerce and Industry (OCCI), in collaboration with the Institute of Chartered Accountants of India (ICAI) – Oman Chapter, yesterday hosted the Oman-India Business Forum to strengthen bilateral economic ties across vital sectors.
The event, held under the auspices of Shaikh Faisal bin Abdullah al Rawas, OCCI Chairman, was attended by India’s Ambassador to Oman, Amit Narang, alongside Dr Abdullah bin Masoud al Harthy, OCCI Board Member and General Supervisor of the Forum. Several board members, along with experts from various fields, also participated.
The forum forms part of broader efforts between Oman and India to deepen economic cooperation and explore opportunities in sectors critical to economic diversification, including green hydrogen (GH2), renewable energy, real estate development, food security, and tourism.
A key highlight was the launch of a training platform for the Chartered Accountants Programme, underscoring the importance of collaboration in building human capital. The program aims to equip Omani professionals with the financial expertise required to drive sustainable growth in public and private sector organizations.
“The forum marks a significant milestone in the economic relations between Oman and India,” said Dr Abdullah bin Masoud al Harthy. “Our aim is to elevate economic ties to new heights, expanding private sector collaboration and enhancing the role of joint investments in achieving sustainable development.”
Al Harthy noted that Oman’s Vision 2040 serves as a strategic framework to attract investments and promote economic growth, leveraging the historic and robust ties between the two nations to foster new business partnerships.
The OCCI Chairman reiterated the chamber’s commitment to advancing trade and economic relations with India, ensuring follow-through on opportunities identified at the forum. “We will continue to facilitate collaborations and provide necessary support to investors from both sides,” Al-Harthy added.
Gaurav Kapoor, President of ICAI – Oman Chapter, highlighted Oman’s position as an attractive investment destination. “Oman offers rich opportunities in sectors such as real estate, renewable energy, tourism, and food security. Its focus on infrastructure and economic diversification creates a stable and promising environment for growth,” he said.
Kapoor urged investors to capitalize on the strategic advantages offered by Oman, including investment incentives and an advanced infrastructure network.
Discussions during the forum highlighted Oman Vision 2040’s ambition to achieve sustainable development through pillars including human and societal growth, environmental sustainability, governance, and economic development. The vision prioritizes economic diversification, private sector development, and fostering international partnerships to align Oman’s economy with global standards.
Key national initiatives under the vision focus on several strategic priorities: enhancing financial resilience to promote sustainability, expanding non-oil economic activities to achieve diversification, fostering investment and export growth to ensure prosperity, and empowering workforce participation to boost employment opportunities.
Vision 2040 also emphasizes knowledge-driven growth and institutional efficiency to position Oman as a leading economic model by 2040.
The ‘Invest in Oman’ initiative showcased its efforts to enhance Oman’s investment climate and promote major projects. Positioned strategically between Asia, Africa, and the Gulf, Oman offers investors advanced infrastructure, including ports, airports, and special economic zones. Investment incentives include tax exemptions and 100 per cent foreign ownership.
Key sectors identified include mining, logistics, green energy, and manufacturing, with plans to significantly increase their contribution to GDP by 2040.
The Public Authority for Special Economic Zones and Free Zones (OPAZ) presented its role in attracting local and international investments. Oman’s 22 economic zones provide tax exemptions of up to 30 years, full foreign ownership, and streamlined work permit processes. The Duqm Special Economic Zone was highlighted as a global hub for major projects.
The forum featured two key discussion panels. The first addressed food security and renewable energy, while the second focused on tourism and real estate development. Experts explored investment opportunities, private sector collaboration, and shared successful economic partnerships between Oman and India.
India’s experience in digital payments and financial inclusion was also presented, showcasing its role in driving economic growth.
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