Diplomatist Magazine Oman 2018 - Special Report | страница 22

Prime Minister Shri Narendra Modi, Prime Minister of India, interacts with business
leaders of Oman during his State visit to Oman on 11-12 February 2018
TRADE AND INVESTMENT:
KEY COMPONENTS OFTHE STRONG
INDIA-OMAN PARTNERSHIP
By Dr.Sima Baidya*
T
he February 2018 visit by Indian
Prime Minister Narendra Modi to
Oman after a gap of 10 years is
certainly an effort to enhance the bilateral
relationship and augment it to the next level.
India and Oman recently completed 60 years
of diplomatic relations but their bilateral
engagement goes back some 5000 years,as
documented and reflected in written and
verbal accounts from ancient times. Prior to
PM Modi’s visit, External Affairs Minister
Sushma Swaraj and Defence Minister
Manohar Pariker visited Oman. In the past,
other Indian Prime Ministers - Rajiv Gandhi,
P.V. Narasimha Rao, Atal Behari Vajpayee
and Dr. Manmohan Singh - had visited Oman
during their time in offi ce. Oman has always
been accorded an important role in India’s
West Asia policy.
During his visit, PMModi interacted
withcorporate CEOs in Oman at India-Oman
22 • INDIA-OMAN • 2018
Business Foruum, where he highlighted
India’s prowess and growing economic
opportunities.Trade and investment continue
to occupy the most important position
in the bilateral relationship. In the new
business climate of start-ups and‘Make in
India’, India also requires huge investments.
Simultaneously, Indian investments
contribute substantially towardsthe growth of
Oman’s economy. External Affairs Minister
for State, M.J.Akbar, rightly said that”trade
and investment are the key pillars of India-
Oman relations.”
India is Oman’s second largest trade
destination for non-oil trade. India is the
fifth largest exporter to Oman. Over the
years, bilateral trade between the two
countries has become more diversified,
based on the changing economic relations
between India and Oman. Bilateral trade
has remainedmostly steady, with only slight