India-Oman seek closer ties amid $3.7bn trade in 2023
Sultan Haitham bin Tarik and the Indian leadership will meet in New Delhi soon to discuss further strengthening the strategic alliance between Oman and India.
The two countries will work towards greater integration by increasing trade, investment, and collaboration in a variety of areas.
Commercial Exchange Dynamics
As of the end of the third quarter of 2023, the commercial exchange between Oman and India reached OR1.447 billion ($3.7 billion). Omani exports to India, valued at OR699.218 million ($1.8 billion), predominantly include oil, minerals, LNG, polyethylene, propylate, aluminium, and urea.
Conversely, Omani imports from India, totaling OR747.883 million ($1.9 billion), consist of items like rice, motor fuel, natural gasoline, wheat, ignition control for vehicles, and iron ore.
Indian Investments in Oman
Investments by 1,744 Indian firms in Oman's construction, trade, transportation, communications, oil and gas, mining, quarrying, education, agriculture, fisheries, tourism, health, and other sectors totaled OR378.4 million by June 2023.
G20 Summit Recognition
The fact that India invited Oman to be the guest of honor at the G20 Summit highlights the cordial and sincere ties between the two countries. This was reaffirmed during the eighth Omani-Indian strategic dialogue session in January 2023, emphasising the mutual trust and respect underlying bilateral strategic relations.
Historical Ties and Trade Surge
India and Oman have had strong historical links since diplomatic relations were established in 1955, according to Ambassador Issa bin Saleh Al Shaibani of Oman. The amount of commerce between the two countries has grown substantially, reaching almost $10 billion between 2021 and 2022.
Economic Resurgence and Investment Opportunities
Indian Ambassador to Oman Amit Narang praised the strong upturn in commercial ties, noting that commerce between the two countries increased from $5.4 billion in 2020–2021, to $12.3 billion in the fiscal year 2022–2023. With India's GDP poised to overtake China's and Oman's plans to diversify their economies, the ambassador highlighted promising prospects for more trade, investment, and economic cooperation between the two countries.