Diplomatist Magazine Oman 2018 - Special Report | Page 19

partners with a total investment of around $7.5
billion.”
In an effort to drive the strategic engagement
forward, and recognising that a major trans-
formation is ongoing in the economies of both
countries, both India and Oman are now working
together to fi nd ways to substantially increase the
fl ow of bilateral investments and trade.
In 2017, a Memorandum of Understanding
(MoU) was signed by the Duqm Development
Company SAOC (Tatweer) and India’s Adani
Ports and Special Economic Zone Limited
which was aimed at exploring better investment
opportunities in the Special Economic Zone
at Duqm.
While Indian companies have been invited
by the Sultanate to invest in various sectors
in the special economic zones of Oman,
including SEZs in Duqm, Sohar and Salalah,
the Indian Prime Minister offered India’s
partnership and cooperation in areas of priority,
such as minerals and mining, manufacturing,
logistics, infrastructure, tourism, agriculture
and fi sheries, IT and IT-enabled services, skills
development and innovation.
Defence and Space Cooperation
Current Indo-Omani ties are dominated by
defence relations. Both sides have agreed to the
“regular holding of joint exercises by the three
defence forces, training of navy, air force and
army offi cials, as also cooperation in the area
of coastal defence and through participation in
defence exhibitions.”
Troops of the two countries have participated
in joint exercises such as the ‘Al Nagah-II 2017’
military exercise in Himachal Pradesh. The
next round of exercises will be conducted in
Oman, for which the Omani Defence Minister
of will be visiting New Delhi to fi nalise the
necessary formalities. Regular naval exercises
are also conducted between the navies of the two
countries, with both countries havingfrequently
engaged in joint efforts to eliminate piracy.
According to the Oman News Agency, an
agreement inked between the two countries
during PM Modi’s visit envisages the use of
the strategically located Duqm port and dry
dock for maintenance of Indian military vessels.
Besides giving birthing rights to Indian
Navy ships to fi ght against piracy in the Gulf
of Aden, as well as other facilities, the Gulf
nation has also been the fi rst country in the
region to buy the Indian Small Arms System
(INSAS) developed by the state-run Ordnance
Factory Board.
In the space sector, Oman has been looking
forward to tap into the Indian Space & Research
Organisation’s expertise in Research &
Development (R&D).
Bilateral trade between the two countries
Indians form the largest expatriate group
among the four million-strong population of
Oman. They repatriate around $3 billion in
earnings to India annually.
Further, Oman holds key advantages due to
its geopolitical position. Apart from possessing
free access tomember countries in the Gulf
Cooperation Council (GCC) and North/East
Africa, and Free Trade Agreements with the US,
Singapore and other countries, Oman promises
Al Nagah-II the
Indo-Oman Joint
Army Exercise at
Bakloh
2018 • INDIA-OMAN • 19