Minister of National Economy of Oman has said that Oman will be focusing on improving bilateral trade with India and emphasised on promoting joint ventures and mutual investments in both the countries. The minister also stressed on developing the SME sector in Oman to which the Indian ambassador to Oman suggested mutual investments in the SME sectors by both countries.

Bilateral trade between the two countries was US$2 billion in 2008, which went up to US$3.31 billion in 2009. This development should promote trade between the two countries immensely with SMEs benefiting from collaboration with Omani companies. Significantly, Oman is home to more than 140 Indian companies from some of the most SME-concentrated sectors such as telecom, manufacturing, fertiliser and finance.

In the meantime, the State Bank of India (SBI) and State General Reserve Fund of Sultanate of Oman (SGRF) have signed an agreement to set up a US$100-million worth Joint Investment Fund. The fund is likely to be used for sponsoring projects in sectors such as tourism, infrastructure, health and telecommunications in both the countries.

Sreemita Bhattacharya