On Wednesday, Union Commerce and Industry Minister Piyush Goyal praised Oman for accepting Prime Minister Narendra Modi’s ‘One Sun One World One Grid’ project. “India expresses its gratitude to Oman for signing and ratifying the International Solar Alliance (ISA) Framework Agreement, as well as for accepting Prime Minister Narendra Modi’s Green Grids/’One Sun One World One Grid’ (OSOWOG) initiative for connecting solar energy supply across borders,” the Ministry of Commerce said in a press release, citing Market Research. Piyush Goyal and Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, who is in India with a 48-member delegation of top officials and business executives, co-chaired the 10th Session of the India-Oman Joint Commission Meeting (JCM).
In the meeting, both the countries discussed enhancing the collaboration across a range of fields with particular emphasis on the 3Ts (Trade, Technology, Tourism), food and agriculture, renewable energy including Green Hydrogen and Green Ammonia, health and pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and tourism. “Bilateral trade has been witnessing robust growth increasing from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022, an impressive annual growth of 82.6 per cent. Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc.
The India-Oman JCM witnessed significant progress on all matters of mutual interest across the entire gamut of bilateral economic relations between the two countries. In the meeting, Oman agreed to fast-track the approval of Indian pharmaceutical products registered by USFDA, UMHRA and EMA. “Expression of commitment from both sides (India and Oman) to facilitate trade and to comprehensively address all issues pertaining to tariff/non-tariff barriers,” the statement reads. “Agreement on expeditious conclusion of all Memorandum of Understanding (MoUs), including on standards and metrology, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman and many more,” the statement added.
There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of USD 7.5 billion. Cumulative Foreign Direct Investment (FDI) equity inflows from Oman to India during the period April 2000-December 2021 have amounted to USD 558.68 million.” Minister Qais of Oman invited Piyush Goyal to visit Oman in 2023 for the next session of the JCM and he accepted the invitation. The dates will be decided through diplomatic channels. According to the statement, the meeting of the India-Oman Joint Business Council is scheduled to take place on Thursday at 11 am at Hotel Leela Palace in New Delhi. The large participation of business and investor communities from both countries is expected to be there.
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