
India's Union Minister of Commerce and Industry Piyush Goyal met with Oman's Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef to explore new avenues for deepening economic cooperation between the two nations.
Characterizing the meeting as highly productive, the Indian minister emphasized the robust trade and investment ties currently shared by India and Oman. He noted that there is significant untapped potential to further expand this partnership across diverse sectors.
Goyal underscored that the accelerating economic engagement is being directly shaped by the strategic vision and leadership of India's Prime Minister Narendra Modi and Oman's Sultan Haitham bin Tarik. Both ministers expressed a shared commitment to fostering a more dynamic business environment that benefits both the Indian and Omani economies.
In a social media post, Goyal stated, "Held a productive meeting with H.E. Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion. We discussed how India & Oman share strong trade & investment ties, with immense potential to further strengthen this partnership. Looking forward to our engagement tomorrow, in the presence of our leaders, to translate our civilisational ties into a new chapter of deeper economic cooperation, delivering even greater mutual benefits for both our nations."
The meeting took place as Prime Minister Narendra Modi arrived in Oman on Wednesday on the final leg of his three-nation, four-day tour, after concluding visits to Jordan and Ethiopia. Modi is visiting Oman at the invitation of Sultan Haitham bin Tarik.
During the visit, PM Modi and Sultan Haitham bin Tarik are expected to hold discussions on strengthening the Strategic Partnership and expanding cooperation in commercial and economic sectors.
The visit is also significant as India and Oman are marking 70 years of diplomatic relations. It follows the state visit of Sultan Haitham bin Tarik to India in December 2023. This marks his second visit to the Gulf nation.
Economic ties between India and Oman are witnessing a significant upward trajectory, with bilateral trade reaching USD 10.613 billion in FY 2024-25—a substantial increase from the USD 8.947 billion recorded in the previous fiscal year.
The investment relationship remains equally formidable, anchored by over 6,000 joint ventures currently operating in Oman. Indian businesses have contributed a cumulative outward direct investment of USD 675 million to the Omani economy. Conversely, Oman’s FDI equity inflow into India has reached USD 610.08 million (April 2000 – March 2025).
However, recent data indicates a shifting trade dynamic. The trade balance, which historically favors Oman, widened significantly to USD 2.48 billion in FY 2024-25, up from just USD 94.37 million in FY 2023-24. This change was driven by a sharp 44.8% surge in imports from Oman, paired with an 8.1% decline in Indian exports to the Sultanate.
High-level discussions between the two nations are now focused on addressing these imbalances by diversifying commercial cooperation and leveraging strong economic fundamentals to unlock new investment opportunities.
Source: ANI




