India–Oman FTA To Unlock Major Opportunities Across Key Sectors: Piyush Goyal
The proposed India–Oman Free Trade Agreement (FTA) is set to open significant opportunities across sectors such as textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components, Union Minister of Commerce and Industry Shri Piyush Goyal said while addressing the India–Oman Business Forum in Muscat.
Highlighting Oman’s strategic location, Goyal said the country serves as a key gateway to the GCC, Eastern Europe, Central Asia and Africa, offering Indian businesses enhanced market access.
He described the forthcoming FTA as a defining milestone in bilateral ties and noted that it would be Oman’s first free trade agreement in nearly two decades. He also recalled the centuries-old maritime and trade links between the two nations, underscoring the depth of the relationship.
Addressing the forum, H.E. Mr. Qais Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, said India has emerged as Oman’s third-largest trading partner, with Indian investments in the country more than tripling since 2020 to reach US$ 5 billion. These investments span strategic sectors including green steel, green ammonia, aluminium manufacturing and logistics, reflecting India’s confidence in Oman as a long-term investment destination.
Goyal noted that the upcoming visit of Prime Minister Narendra Modi to Oman coincides with the 70th anniversary of diplomatic relations between the two countries. He also recalled Oman’s participation as a special guest during India’s G20 Presidency in 2023, highlighting the strong mutual trust between the two nations.
The Minister identified key areas for future collaboration, including energy transition, infrastructure and logistics, food security and startup ecosystem partnerships, particularly in deep tech and artificial intelligence. He also emphasised opportunities in services such as professional services, healthcare, tourism, education and R&D.
Referring to the alignment between India’s Viksit Bharat 2047 vision and Oman Vision 2040, Shri Goyal said youth-led growth and entrepreneurship in both countries provide a strong foundation for long-term cooperation.
He expressed confidence that the India–Oman partnership is poised to enter a new phase of growth, driven by stronger economic engagement and business collaboration.
