‘Invest in India’ seminar to woo Omani businesses

Times News Service

MUSCAT: The annual ‘Invest in India’ event at the Indian embassy in Muscat on Wednesday had nearly 250 Omani businesspersons and representatives of Omani financial institutions, including banks and funds, in attendance.

Mohammed bin Yousuf Al Zarafi, undersecretary, Ministry of Foreign Affairs, was the chief guest. The Indian Ambassador to Oman, Indra Mani Pandey said the main aim was to make Omani businessmen aware that investing in India was an attractive option. “There is a doubt in people’s minds that doing business in India is difficult. We want to make people aware that it is not the case. The laws in India, for instance, allow for Foreign Direct Investment (FDI) in a number of sectors,” he said.

The ambassador remarked that India and Oman had a great relationship and trade ties. “As far as India-Oman ties are concerned, there is proximity and familiarity, but we can always expand on that potential. Bilateral investments will help create jobs.

“There are already investments from Oman in India, especially in manufacturing units, participation in equity and agroindustries, among others. Some Omani companies have set up back offices in India to make use of India’s Information Technology (IT). “On the other hand, there is Indian investment in Oman’s free zones of Salalah, Sohar and Duqm. India buys petroleum and its products from the Sultanate. Oman has overtaken Thailand as the world’s largest exporter of gypsum. Over 35 per cent of this gypsum was exported to India.

“There is also the Oman India Fertiliser Company (OMIFCO) in the industrial zone in Sur, which is a collaboration on part of both countries. India is a huge and growing economy and it is a big market for Omani businesses,” the ambassador said.

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