New Delhi, Jan 26 Commerce and Industry Minister Piyush Goyal will visit Muscat, Oman for the 11th Joint Commission Meeting with Qais bin Mohammed bin Moosa al-Yousef, Minister of Commerce, Industry and Investment Promotion, Sultanate of Oman from January 27-28, 2025, an official said on Sunday.
During the visit, the two leaders are expected to hold wide ranging discussions on trade and investment and the global economic situation. The talks on a India-Oman comprehensive economic agreement partnership agreement (CEPA) which are at an advanced stage are likely to get further impetus during the visit.
Both sides are negotiating and exploring a commercially significant, balanced, equitable, ambitious and mutually beneficial CEPA.
"This visit underscores the importance that India attaches to its trade and investment ties with Oman, one of our important trading partners in the Gulf Cooperation Council (GCC) with bilateral trade estimated at over $8.94 billion in 2023-2024," the Commerce Ministry said.
A business delegation is accompanying the Minister for the Joint Business Council meeting between India's apex business chamber FICCI and the Oman Chamber of Commerce and Industry.
The FICCI delegation is expected to explore investment opportunities in Oman, as the Middle East nation is looking at reducing its reliance on oil revenues by focusing on clean energy sources and promoting various other sectors in line with Oman's 'Vision 2040'.
On the sidelines, the Minister is also expected to meet Sultan bin Salim Al Habsi, Minister of Finance & Chairperson of the Ministerial Committee for CEPA, Sheikh Dr. Ali bin Masoud Al Sunaidy, President, Public Authority for Special Economic Zones & Free Zones (OPAZ) apart from holding interactions with representatives of Oman industry and Indian community, the statement added.
Oman's Sultan Tarik visited India in December 2023 during which he held extensive talks with Prime Minister Narendra Modi. The two leaders adopted a vision document to shore up bilateral engagement in 10 key areas.
The two sides had also announced the third tranche of $300 million for the Oman-India joint investment fund, which is a 50-50 venture between the State Bank of India and the Oman Investment Authority aimed at channelising investments into the fastest growing sectors of the Indian economy.
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