Oman seeks FTA with India
Oman has expressed its interest to enter into a Free Trade Agreement (FTA) with India.
By TNN |
NEW DELHI: Oman has expressed its interest to enter into a Free Trade Agreement (FTA) with India. The Omani Minister of Commerce and Industry Maqbool Ali Sultan has indicated that the matter will be discussed in his meeting with the Indian minister for commerce and industry Kamal Nath on September 5. The objective is to create a framework for business growth in addition to other factors like macro-economic stability, transparent governance and joint ventures.
There are various areas where India and Oman companies can co-operate like information technology, tourism and human resources development and training and knowledge based industries such as ICTs, pharmaceuticals and biotechnology, the Omani commerce minister said at a conference organized by CII on Monday.
"Indian and Omani companies need to institute a dialogue on human resources development and training to establish colleges, professional institutes, vocational training centres and R&D centres," he said.
Oman also offers opportunities for large upstream investments in petrochemicals and fertilizers to Indian companies. Oman has also established a free zone in southern Oman offering incentives like a tax holiday for 30 years, no minimum capital requirement or municipal taxes and only 10% localization of jobs.
Trade between Oman and India has grown sharply since 2004. Oman exported goods worth $ 64 million in 2004, which jumped to $366 million in 2005 to India. Further, it imported goods worth $375 million from India in 2005, up from just $164 million the year before, the minister said. This was largely due to the Oman-India Fertiliser project at Sur.
There are various areas where India and Oman companies can co-operate like information technology, tourism and human resources development and training and knowledge based industries such as ICTs, pharmaceuticals and biotechnology, the Omani commerce minister said at a conference organized by CII on Monday.
"Indian and Omani companies need to institute a dialogue on human resources development and training to establish colleges, professional institutes, vocational training centres and R&D centres," he said.
Oman also offers opportunities for large upstream investments in petrochemicals and fertilizers to Indian companies. Oman has also established a free zone in southern Oman offering incentives like a tax holiday for 30 years, no minimum capital requirement or municipal taxes and only 10% localization of jobs.
Trade between Oman and India has grown sharply since 2004. Oman exported goods worth $ 64 million in 2004, which jumped to $366 million in 2005 to India. Further, it imported goods worth $375 million from India in 2005, up from just $164 million the year before, the minister said. This was largely due to the Oman-India Fertiliser project at Sur.
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