Oman, India discuss ways of boosting economic ties Cooperation

Muscat: Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, received Piyush Goyal, Minister of Commerce and Industry of India, at Invest Oman lounge on Monday.

The meeting comes within the framework of the 11th session of the joint Omani-Indian Committee, held in Muscat.

During the meeting, they reviewed areas of cooperation in the fields of technology, pharmaceuticals, renewable energy and infrastructure. They also touched on means of attracting Indian investments to Oman.

Both sides underscored the importance of the 11th session of the joint Omani-Indian Committee as a strategic platform to enhance bilateral cooperation.

Al Jashmi underscored the importance of signing this protocol in a bid to enhance economic relations between Oman and India

The two ministers lauded the prosperity of economic relations between Oman and India. Trade exchange between the two countries in 2023 reached RO 2.05 billion. Meanwhile, the value of Indian investments in Oman reached RO 298.8 million.

Further, the Indian delegation toured Invest Oman lounge and were introduced to the services offered by the lounge to investors, as well as the prominent investment opportunities that are available in Oman.

The meeting was attended by several officials from both sides.

Meanwhile, the Sultanate of Oman and the Republic of India on Monday signed in Muscat an amended protocol for the agreement on avoidance of double taxation and prevention of financial evasion.

The protocol was signed by Nasser bin Khamis al Jashmi, Chairman of the Tax Authority and Amit Narang, Ambassador of India to Oman.

Al Jashmi underscored the importance of signing this protocol in a bid to enhance economic relations between Oman and India. The signing of the protocol, he added, comes as a result of efforts exerted to boost bilateral cooperation in the field of taxation.— ONA

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