Piyush Goyal's Upcoming Visit to Oman for Economic Discussions
Click to start listening
Synopsis
Commerce Minister Piyush Goyal will engage in critical discussions in Muscat, Oman, focusing on trade, investment, and the advancement of the comprehensive economic partnership agreement (CEPA) during his visit on January 27-28, 2025.
Key Takeaways
- Piyush Goyal visiting Oman for economic talks.
- Focus on CEPA negotiations.
- Strengthening trade ties with Oman.
- Investment opportunities highlighted.
- Oman's shift towards clean energy.
New Delhi, Jan 26 (NationPress) Commerce and Industry Minister Piyush Goyal is set to travel to Muscat, Oman for the 11th Joint Commission Meeting with Qais bin Mohammed bin Moosa al-Yousef, the Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman from January 27-28, 2025, as confirmed by an official on Sunday.
During this visit, the two leaders are anticipated to engage in extensive discussions regarding trade and investment as well as the current global economic landscape. The dialogue surrounding the comprehensive economic partnership agreement (CEPA) between India and Oman, which is already at an advanced stage, is expected to receive a significant boost during this meeting.
Both parties are actively negotiating a commercially significant, balanced, equitable, ambitious, and mutually beneficial CEPA.
"This visit highlights the value that India places on its trade and investment relationships with Oman, a key trading partner in the Gulf Cooperation Council (GCC), with bilateral trade projected to exceed $8.94 billion for the year 2023-2024," stated the Commerce Ministry.
A business delegation is accompanying the Minister to facilitate the Joint Business Council meeting between India’s leading business chamber FICCI and the Oman Chamber of Commerce and Industry.
The FICCI delegation aims to identify investment prospects in Oman as the Middle Eastern country seeks to reduce its dependence on oil revenues by emphasizing clean energy and diversifying into other sectors, aligning with Oman’s 'Vision 2040'.
Additionally, the Minister is anticipated to meet with Sultan bin Salim Al Habsi, the Minister of Finance & Chairperson of the Ministerial Committee for CEPA, and Sheikh Dr. Ali bin Masoud Al Sunaidy, the President of the Public Authority for Special Economic Zones & Free Zones (OPAZ). Interactions with representatives from the Omani industry and the Indian community are also on the agenda, as per the statement.
Oman's Sultan Tarik visited India in December 2023, where he had substantial discussions with Prime Minister Narendra Modi. The leaders adopted a vision document aimed at enhancing bilateral collaboration across ten key sectors.
The two nations also disclosed the third tranche of $300 million for the Oman-India joint investment fund, a 50-50 venture between the State Bank of India and the Oman Investment Authority, intended to channel investments into the fastest-growing sectors of the Indian economy.
