the U. A. E., United States and China. India also ranks 3nd( after the U. A. E. and Saudi Arabia) in terms of non-oil exports from Oman and the 3rd largest destination for Omani crude oil exports. There are around 150 Indian companies currently operating in Oman, and the major items of Indian exports are textiles and garments, machinery and equipment, electrical and electronic items, chemicals, and iron and steel products, in addition to traditional items like tea, coffee, spices, rice, meat products and seafood. Major Omani exports to India are LNG, urea, polypropylene, lubricating oil, dates and chromite ore. The balance of trade is in Oman’ s favour due to its export of fertilisers and the spot purchase of oil and gas by India.
People-to-people knowledge sharing and skill development co-operation between India and Oman has now grown in the sectors of Trade, Education, Healthcare, Tourism, Judiciary, Military and Space Research.
India and Oman in the context of the GCC
The Indo-Omani relationship can also be gauged by analysing the Indo-GCC perspective as a whole. Our silent Ambassadors across the Gulf region remitted an average of $ 65 billion to India during the past several years. Although the world as a whole is changing, economic shifts in the Gulf are felt more acutely by India because of its significant economic links with the region.
Another point to note is the recent paradigm shift in the way modern businesses are being conducted. Changes in technology, web-smitten-customers, 24-7-365-up-status
Major Omani exports to India are LNG, urea, polypropylene, lubricating oil, dates and chromite ore. The balance of trade is in Oman’ s favour due to its export of fertilisers and the spot purchase of oil and gas by India. requirement, cash-less-trade, all of these and more are constantly redefining business needs in and between both countries.
India and Oman are coming together more than ever before to appreciate, adapt and contribute to help our societies adjust to and thrive in an increasingly digitized climate. Both countries are no longer producing the“ Shining knights of the past” but, instead, leveraging“ the robots of the future”.
As for the future of the Indo-Omani relationship, leveraging the principles of the proven past can bring immense mutual benefits. The Sultanate’ s geo-political position is serving as an effective springboard for India’ s external trade with the rest of Central and West Asia, Africa and Europe. Sector wise engagement is bringing huge gains.. India is also currently witnessing a booming start-up culture. Keeping up with the changing times, Oman and India are helping start-up entrepreneurs in their countries by leveraging each other’ s knowledge and systems to create new opportunities. Harnessing such new skills will help fill the sails of the Indo-Omani relationship with renewed vigour and help it navigate to the distant yet attainable land of immense opportunities.
* Partha Roy Choudhury is CEO, Management & Recruitment Consulting Firm, Dubai, UAE, with 30 years of experience in leadership roles in the Middle Eastern and Indian market spectrum. He also has experience in multidimensional sectors like PR, Recruitment, and Advertising.
42 • INDIA-OMAN • 2018