Key Highlights of Bilateral Relationship between India and Oman (updated as on October 2014)
The Sultanate of Oman is a strategic partner in the Gulf and an important interlocutor in the bilateral, AGCC and OIC contexts. Oman also accords a high priority to its ties with India. India and Oman are linked by geography, history and culture. Both countries enjoy warm and cordial relations, which can be ascribed to historical maritime trade linkages, intimacy of the royal family with India and the seminal role of the Indian expatriate community in the building of Oman, which is acknowledged by the Omani Government.
Indian Diaspora in Oman:
· Non Residents Indians (NRI): 556000 (February 2010)
· Overseas Citizen of India (OCI): 1713 (February 2010)
· Total Indian Community: 557713 (February 2010)
· Remittance inflows (US$ Million): 2613.97 (2012)
India’s trade with Oman
· Export (US$ Million): 1049.69 (April-August 2014)
· Import (US$ Million): 1034.44 (April-August 2014)
· Total (US$ Million): 2084.13 (April-August 2014)
· Trade Balance (US$ Million): 15.25 (April-August 2014)
Bilateral Investment with Oman
· Investment inflows (US$ Million): 5.34 (2014-upto July 2014)
· Investment outflows (US$ Million): 16.164 (August 2014)
Bilateral Tourism with Oman
· Outbound : 158739 (2010)
· Inbound : 62252 (2013)
Bilateral Agreements: MoUs on Combating Crime, Cooperation in Agriculture, Civil Aviation, Cooperation between the State Audit Institution of Oman and the office of the Comptroller and Auditor General of India, Avoidance of Double Taxation, Bilateral Investment Promotion and Protection, Treaty of Extradition, MoU on Manpower, MoU on Joint Investment Fund and MoU on Cultural Cooperation, etc.
The 7th India-Oman Joint Commission meeting was held under the leadership of the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman and His Excellency Dr Ali bin Masoud al Sunaidy, Minister of Commerce & Industry, Oman, here today.
The Union Home Minister Shri Rajnath Singh and the Minister of Commerce & Industry, Sultanate of Oman, Dr. Ali Bin Masoud Al Sunaidy signed ‘Agreement on Legal and Judicial Cooperation in Criminal Matters’ between the two countries, here today.
Bank Muscat and India’s industrial conglomerate Jindal Group marked a celebration in New Delhi to commemorate the successful financial closure of US$725mn facility for Jindal Shadeed Iron & Steel.
India Tourism, Dubai in association with the Embassy of India, Muscat organized the ‘Know India Seminar’ on October 26, 2014 at Hotel Crowne Plaza , Muscat for promoting the Ministry of Tourism, Govt. of India’s latest Campaign “Find What You Seek’ and ‘India- A 365 days destination’.
6-member FICCI Infra delegation visited Oman from October 19-22, 2014 to participate in ‘Infra Oman' exhibition at Oman International Exhibition Centre, Muscat. On the sideline of Infra Oman exhibition, the delegation also visited Sohar Free Zone and Port of Sohar to explore business opportunities available in shipping, cargo handling, infrastructure/construction and heavy engineering sector.
Speaking on the occasion, the President said India’s relations with Oman are built on the strong foundation of historical and civilizational linkages. India appreciates and values the strategic partnership reflected in the remarkable growth in the two countries overall relationship in recent times. Bilateral trade between India and Oman has increased from US$ 4.6 billion in 2012-13 to US$ 5.77 billion in 2013-14. However, trade remains much below its potential and both sides need to bring it to a higher level commensurate with the depth of the bilateral relationship.