06 March 2016
Muscat - In a major move to enhance bilateral trade relations, the Sultanate is a planning to open its trade office in India, marking Oman's second outreach office abroad, it was revealed by the head of Oman Chamber of Commerce and Industry. The office will liaise with the Indian companies and investors and explore opportunities in Oman and vice versa. It will be located in any state other than Mumbai and Delhi as there are diplomatic presence in these two cities, Sayyid bin Saleh al Kiyoumi (pictured), Chairman of OCCI, told the Observer.
"We are planning to open a trade office of Oman in India to facilitate bilateral trade relations with the brotherly nation and we attach high expectations to it," Al Kiyoumi said.
Oman has earlier opened a similar office in Taipei, capital of Taiwan to facilitate bilateral trade relations and this country. The proposed office in India would be the second in the list which will be, according to the OCCI head, manned by minimal workforce and will act as the key facilitator of trade between the two nations across the Arabian Sea which have been linked by geography, history and culture.
Bilateral trade with Oman has steadily grown and it stood at $4.13 billion during the financial year 2014-15. Indian imports in 2014-15 were $1.75 billion while exports to Oman was $2.37 billion. Oman exports urea, LNG, crude oil (through spot purchase), polypropylene, lubricating oil, dates and chromite ore to India while Oman imports mineral fuels, mineral oils and products of their distillation, textiles and garments, machinery and equipment, electrical and electronic items, chemicals, iron and steel products in addition to traditional items like tea, coffee, spices, rice and meat products and seafood.
Oman India Fertilizer Company (Omifco) in Sur, a $969 million joint venture between the two is the largest Indian JV abroad while Bharat Oman Refineries Limited (BORL), a company promoted by Bharat Petroleum Corporation Limited (BPCL) and Oman Oil Company (OOC), has set up a 6 MMTPA grassroots refinery at Bina in Madhya Pradesh along with crude supply system. BORL, a $2.4 billion project, was inaugurated in May 2011.
Additionally, Jindal Steel & Power Ltd (JSPL) acquired the Oman-based Shadeed Iron & Steel Co LLC for $464 million is at present operating 1.5 MTPA gas based hot briquetted iron plant at Sohar Industrial port. Jindal Shadeed Iron & Steel (JSIS) recently expanded by setting-up new unit of Electric Arc Furnace and the Ladle Refining Furnace. JSPL has also signed a term loan agreement worth $725 million with Bank Muscat for financing JSIS's new integrated unit. India's Larsen and Toubro (L&T) have four mega joint ventures in the Sultanate, namely, L&T Oman LLC, L&T Electromech LLC, L&T Modular Fabrication Yard LLC and L&T Heavy Engineering LLC with the Zubair Group in Oman.
Above all, there is an India-GCC framework agreement on trade in place and negotiations are on for finalisation of FTA with GCC.
Marking a milestone in the bilateral trade between the Arab nations and India, the 5th Arab-Indo Partnership Conference under the auspices of Sayyid Kamil bin Fahd al Said, Assistant Secretary General at the Office of the Deputy Prime Ministers for the Council of Ministers, will be held in Muscat on May 10 and 11 at Shangri-La Resort and Spa, the OCCI officials said.
More than 500 Arab and Indian business honchos, investors, and companies interests in financing investment projects from renewable energy, green technology, food security, healthcare, technology, IT and communications, higher education and skill development as well as travel and tourism will gather for the two day conference under the theme "Partnership Towards Innovation and Cooperation in Information Technologies" which will also have a matchmaking session.
The conference will be organised in collaboration with the Foreign Ministry, Arab League Secretariat, the Ministry of External Affairs in India, the General Union of Chambers of Commerce and Industry in the Arab Countries (GUCCIAC) and the Federation of the Arab Business (FAB).
Redha bin Juma al Saleh, deputy Chairman of OCCI and General Supervisor of the conference said that the event has special importance in enhancing the level of existing partnership between Arab countries and India in the different fields.
"This conference aims at maximising trade and investment relations between India and the Arab countries and enhancing the fields of cooperation between Arab countries and India. It will provide an ideal platform for sharing experiences among participants on issues of mutual concern and sign business deals."
Muscat - In a major move to enhance bilateral trade relations, the Sultanate is a planning to open its trade office in India, marking Oman's second outreach office abroad, it was revealed by the head of Oman Chamber of Commerce and Industry. The office will liaise with the Indian companies and investors and explore opportunities in Oman and vice versa. It will be located in any state other than Mumbai and Delhi as there are diplomatic presence in these two cities, Sayyid bin Saleh al Kiyoumi (pictured), Chairman of OCCI, told the Observer.
"We are planning to open a trade office of Oman in India to facilitate bilateral trade relations with the brotherly nation and we attach high expectations to it," Al Kiyoumi said.
Oman has earlier opened a similar office in Taipei, capital of Taiwan to facilitate bilateral trade relations and this country. The proposed office in India would be the second in the list which will be, according to the OCCI head, manned by minimal workforce and will act as the key facilitator of trade between the two nations across the Arabian Sea which have been linked by geography, history and culture.
Bilateral trade with Oman has steadily grown and it stood at $4.13 billion during the financial year 2014-15. Indian imports in 2014-15 were $1.75 billion while exports to Oman was $2.37 billion. Oman exports urea, LNG, crude oil (through spot purchase), polypropylene, lubricating oil, dates and chromite ore to India while Oman imports mineral fuels, mineral oils and products of their distillation, textiles and garments, machinery and equipment, electrical and electronic items, chemicals, iron and steel products in addition to traditional items like tea, coffee, spices, rice and meat products and seafood.
Oman India Fertilizer Company (Omifco) in Sur, a $969 million joint venture between the two is the largest Indian JV abroad while Bharat Oman Refineries Limited (BORL), a company promoted by Bharat Petroleum Corporation Limited (BPCL) and Oman Oil Company (OOC), has set up a 6 MMTPA grassroots refinery at Bina in Madhya Pradesh along with crude supply system. BORL, a $2.4 billion project, was inaugurated in May 2011.
Additionally, Jindal Steel & Power Ltd (JSPL) acquired the Oman-based Shadeed Iron & Steel Co LLC for $464 million is at present operating 1.5 MTPA gas based hot briquetted iron plant at Sohar Industrial port. Jindal Shadeed Iron & Steel (JSIS) recently expanded by setting-up new unit of Electric Arc Furnace and the Ladle Refining Furnace. JSPL has also signed a term loan agreement worth $725 million with Bank Muscat for financing JSIS's new integrated unit. India's Larsen and Toubro (L&T) have four mega joint ventures in the Sultanate, namely, L&T Oman LLC, L&T Electromech LLC, L&T Modular Fabrication Yard LLC and L&T Heavy Engineering LLC with the Zubair Group in Oman.
Above all, there is an India-GCC framework agreement on trade in place and negotiations are on for finalisation of FTA with GCC.
Marking a milestone in the bilateral trade between the Arab nations and India, the 5th Arab-Indo Partnership Conference under the auspices of Sayyid Kamil bin Fahd al Said, Assistant Secretary General at the Office of the Deputy Prime Ministers for the Council of Ministers, will be held in Muscat on May 10 and 11 at Shangri-La Resort and Spa, the OCCI officials said.
More than 500 Arab and Indian business honchos, investors, and companies interests in financing investment projects from renewable energy, green technology, food security, healthcare, technology, IT and communications, higher education and skill development as well as travel and tourism will gather for the two day conference under the theme "Partnership Towards Innovation and Cooperation in Information Technologies" which will also have a matchmaking session.
The conference will be organised in collaboration with the Foreign Ministry, Arab League Secretariat, the Ministry of External Affairs in India, the General Union of Chambers of Commerce and Industry in the Arab Countries (GUCCIAC) and the Federation of the Arab Business (FAB).
Redha bin Juma al Saleh, deputy Chairman of OCCI and General Supervisor of the conference said that the event has special importance in enhancing the level of existing partnership between Arab countries and India in the different fields.
"This conference aims at maximising trade and investment relations between India and the Arab countries and enhancing the fields of cooperation between Arab countries and India. It will provide an ideal platform for sharing experiences among participants on issues of mutual concern and sign business deals."
© Oman Daily Observer 2016
