India offers large promising market: Oman

New Delhi, July 15 (IANS) India is a promising market for Oman and the joint investment fund being set up will boost investment in both the countries, the Sultanate’s Economy Minister Ahmed Macki said here Thursday.

‘India offers a very large and promising market to Oman and the joint investment fund signed between the two governments will help both our nations to guarantee capital for investment projects,’ said Macki at a meeting organised by industry lobby Confederation of Indian Industry.

State Bank of India had Wednesday signed a joint venture agreement with State General Reserve Fund of Oman to set up a $100m fund to boost investment in India. The fund for the time being will invest only in India without any sectoral preference.

Macki said political stability in both the countries will lead to enhanced economic and trade relations.

Oman is seeking to transform its largely oil and gas-based economy to a modern industrialised economy and is looking at investment in manufacturing, tourism, warehousing and other allied sectors.

Ambassador of India to Oman Anil Wadhwa said bilateral trade has crossed $ 2.5 billion last year despite the global financial crisis.

‘While petrochemicals sector have always been an integral part of our bilateral trade, there is a strong need to diversify and look at new areas of cooperation like ceramics, automobile components and others,’ Wadhwa added.

The two countries are looking at collaborating in other areas like IT, food, healthcare and hotel sectors.

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