India–Oman FTA to unlock new opportunities across key sectors: Piyush Goyal
Union Minister for Commerce and Industry Piyush Goyal addresses the India–Oman Business Forum in Muscat on Tuesday.
Muscat, December 17: The proposed India–Oman Free Trade Agreement is set to open up significant opportunities across a wide range of sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components, said Union Minister for Commerce and Industry Piyush Goyal on Tuesday.
Addressing the India–Oman Business Forum in Muscat, Goyal highlighted Oman’s strategic geographic position as a gateway to the Gulf Cooperation Council, Eastern Europe, Central Asia and Africa, noting that it offers Indian businesses enhanced market access and logistics advantages.
He described the forthcoming FTA as a defining milestone in bilateral relations and noted that it would be the first free trade agreement entered into by Oman in nearly two decades. Goyal also recalled the centuries-old maritime and commercial links between the two countries, referencing historical trade routes through ports such as Lothal as evidence of the enduring nature of India–Oman ties.
Oman’s minister of commerce, industry and investment promotion Qais Al Yousef said India has emerged as Oman’s third-largest trading partner, while Indian investments in the country have crossed USD 5 billion. He said Indian investments have more than tripled since 2020 and span strategic sectors such as green steel, green ammonia, aluminium manufacturing and logistics, reflecting India’s confidence in Oman as a long-term investment destination.
Goyal noted that the forthcoming visit of the prime minister to Oman coincides with the celebration of 70 years of diplomatic relations between the two countries. He recalled India’s decision to invite Oman as a special guest during India’s G20 Presidency in 2023 as a reflection of the deep mutual trust and strategic partnership.
The minister also highlighted opportunities for collaboration in services sectors, including professional services, accounting, business process re-engineering, research and development, tourism, healthcare and education. He identified four priority areas for future cooperation: energy transition, particularly green hydrogen and renewable energy; infrastructure development, including ports and multimodal logistics; food security through cold chains and food parks; and collaboration between startup ecosystems, especially in deep tech, logistics and artificial intelligence.
Emphasising the shared focus on youth-led growth, Goyal said India’s Viksit Bharat 2047 vision aligns closely with Oman’s Vision 2040, creating a strong foundation for long-term economic cooperation driven by innovation and entrepreneurship.
He expressed confidence that the India–Oman partnership, built on shared history, trust and complementary strengths, is entering a new phase of growth and that businesses from both countries are well positioned to leverage the opportunities arising from closer economic engagement.
