Indian Prime Minister Narendra Modi arrived in Oman today (December 17) for a two-day visit, marking a significant milestone in the long-standing friendship between India and Oman.
Sayyid Shihab bin Tarik Al Said, Deputy Prime Minister for Defence Affairs, led the welcoming party for the guest and his accompanying delegation upon his arrival at Muscat International Airport.
This visit, the Prime Minister’s second following his 2018 trip, serves as a celebration of the 70th anniversary of diplomatic relations between two nations that share the waters of the Arabian Sea.
The visit is a direct follow-up to the historic visit of His Majesty Sultan Haitham bin Tarik to India in December 2023. Since then, the two leaders have worked closely on a forward-looking roadmap designed to bring the two cultures even closer.
Indian Cabinet officially approved the India-Oman Comprehensive Economic Partnership Agreement (CEPA) on December 12. The CEPA is set to be a key highlight of this visit. Trade pundits and business establishments in both countries are optimistic that the agreement will simplify business for everyone, from large corporations to small-scale exporters.
In a media briefing by Indian Embassy, the Indian Ambassador to Oman, GV Srinivas, highlighted that both India and Oman have discussed extensively on the CEPA and have gone through a lot of details about the respective areas of interest for both sides, and hoped that this will be concluded at the earliest opportunity.
Booming bilateral trade
Bilateral trade between India and Oman surged to $10.61 billion for the 2024–2025 fiscal year, a significant climb from the $8.8 billion recorded previously. While the exchange is anchored by a robust energy and oil partnership, where Oman’s exports meet India's energy needs, the relationship has evolved far beyond oil. Indian–Omani joint ventures in Oman have made significant contributions to the country’s economic growth and development.
During the visit, the Prime Minister will hold comprehensive discussions with His Majesty the Sultan of Oman, reviewing the entire spectrum of bilateral relations and exchanging views on regional and international issues of mutual interest. The Prime Minister is also expected to address business leaders from both countries at a business forum and to interact with the Indian community in Oman. A number of bilateral documents are expected to be signed during the visit.
Indian investments in Oman
Investment cooperation between India and Oman remains strong and multifaceted, reflecting deep economic engagement between the two nations. There are an estimated over 6,000 India- Oman joint ventures operating in Oman.
Indian enterprises have made significant investments in Oman across a wide range of sectors, including iron and steel, cement, fertilizers, textiles, cables, chemicals, and automotive industries. This dynamic cross-investment landscape underscores the growing strategic and commercial partnership between the two economies.
The major Indian companies who have investments in Oman include JSW Group, Larsen & Toubro, TVS, Dev Salt, Kaynes Semicon, Tata Consultancy Services (TCS), GFCL Electric Power (Anox GFCL Group), ACME India Ltd, Jindal Shadeed Iron and Steel LLC (JSIS), Mahakali Udyog Nurani LLC, Asia Plates Steel LLC, UltraTech Cement Ltd, Tata Steel Mining LLC, Madhav Surfaces, Oswal Group, Hind Aluminium, Kailash Group, Nagarjuna Fertilizer plant, Future Bio Organics, Deepak Nitrate, Petiva Sugar factory etc. India’s public and private financial institutions also have a visible presence through State Bank of India, Bank of Baroda, New India Assurance, and several exchange houses including Global Money Exchange, Musandam Exchange, Mustafa Sultan Exchange, and Unimoni. In healthcare, Indian hospital groups such as Apollo Medical Centre, Aster DM Healthcare and KIMS Hospital operate facilities in Oman.
Oman's Investment in India
Since April 2000, India has received a cumulative Foreign Direct Investment (FDI) equity inflow of $605.57 million from Oman. The Oman-India Joint Investment Fund (OIJIF) is a key vehicle for investment, with a total committed capital of $600 million across three tranches.
This has facilitated major joint ventures like the Oman India Fertilizer Company (OMIFCO), a $969 million project that exports a significant amount of urea to India. Additionally, the Oman Ministry of Transport, Communications and Information Technology (MTCIT) has partnered with Kaynes Technology India to establish Oman's first overseas VLSI chip design center in Muscat.
Indian business delegations, coordinated by various Indian Chambers, regularly visit Oman to participate in trade exhibitions like Project Oman, Infra Oman, COMEX,Oman Health Exhibition & Conference, Oman Food & Hospitality Exhibition, Mineral and Mining Exhibition, Oil and Gas West Asia etc.
Similarly, Omani business delegations also visited India to participate in exhibitions related to sectors like Health, Food, Ceramics, IT and Electronics, etc. To facilitate interactions and tie-ups between business communities of India and Oman, Indian Embassy regularly organises various sector–specific business-to-business meetings.
