Tue, 24 Nov 2020

New Delhi [India], October 19 (ANI): The ninth session of the India-Oman Joint Commission was held virtually on Monday.

The meet was co-chaired by Minister of State for Commerce and Industry, Hardeep Singh Puri, and Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, Qais bin Mohammed.

According to an official release, the meeting was attended by representatives of various government departments/ministries from both sides. During the meeting, both sides reviewed the recent developments in trade and investment ties and reaffirmed their commitment to expand the bilateral trade and encourage businesses to invest in each other's country in order to realize the untapped potential in the commercial and economic relationship.

Among other things, both sides agreed to cooperate in areas of Agriculture and Food Security, StandardsMetrology, Tourism, Information Technology, Health and Pharmaceuticals, MSMEs, Space, Civil Aviation, Energy including renewable energy, Culture, Mining, and Higher Education.

The two sides also reviewed the progress of prospective Memorandum of Understanding (MoUs) in the field of mining, standards and metrology, financial intelligence, cultural exchange, and information technology, and agreed to conclude them expeditiously.

The two sides also exchanged views on the unprecedented global health and economic situation arising due to the outbreak of COVID-19 pandemic.

Puri highlighted the recent initiatives taken by the government for improving the ease of doing business and to boost domestic manufacturing in India, including the production-linked incentive (PLI) schemes for various sectors, and invited Omani Sovereign Wealth Funds and private businesses to invest in India.

India and Oman have always enjoyed close and friendly relations which go back to several millennia. The close bilateral ties, including vibrant trade and cultural exchanges, have now expanded into a strategic partnership based on trust and mutual respect. Increasing bilateral trade and investment between the two countries is a key element of the strategic partnership.

"The economic and commercial relations between India and Oman are robust and buoyant. India is among Oman's top trading partners. For Oman, India was the 3rd largest source for its imports and 3rd largest market for its non-oil exports. Bilateral trade between India and Oman grew at 8.5 per cent in 2019-20 over the previous year to reach USD 5.93 billion. While India's exports to Oman were valued at USD 2.26 billion, India's imports from Oman amounted USD 3.67 billion in 2019-2020," said the release.

Both sides agreed to nominate a focal point from their respective Ministries of Commerce and Industry to carry forward the follow up on the discussions held and the decisions taken during the JCM. (ANI)

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