SEZ Duqm Port project in Oman will serve as an Indian gateway to reach the Middle East including Africa.”It is an effort to explore and multiply the business and economic trade for mutual benefits”, said the government officials.
Oman is India’s oldest defence partner in West Asia. India can use access to Duqm port for military purpose and logistical support as it will also allow India to expand its footprints in the Indian Ocean Region.
The Minister of State for Commerce and Industry, CR Chaudhary said that “The investment opportunities provided through Duqm will prove to be an important milestone to further strengthening and cementing bilateral trade and economic relationship between India and Oman”.
In his address at an event on Investment Opportunities in the SEZ at Duqm, C R Chaudhary pointed out that the mega projects in SEZ Duqm offer great opportunities for the Indian companies in all the sectors of the economy. He also added that “India needs to engage with Oman and take initiatives to utilize opportunities arising out of the Duqm port industrial city”.
The Oman ambassador to India Hamed Saif Al-Rawahi said, “The two countries over the years have created some path-breaking and unique business links. The refineries and fertilizer plant at Bina and Sohar respectively are shining examples of our collective efforts for the development of both the countries”.
“Oman offers unmatched incentives to Indian investors, assuring the long-term interests of Indian investors, to set-up manufacturing facilities so that goods may be exported to the USA under the aegis of unique ‘Free Trade Agreement’ which exists between Oman and USA”, said Al Rawahi.
The total bilateral trade between the two countries which is around $7 billion has the potential to intensify given the relationship between the two economies. “The total FDI from Oman into India from April 2000 to June 2018 has been of the order of $476.64 million with Oman ranking 31st in terms of FDI in India”, said Chaudhary.
He urged India to further expand cooperation to new areas of mutual interest, including space, cybersecurity, energy security, renewable energy and food security with a view to taking the strategic partnership to a higher level.
The Vice President, PHD Chamber, Sanjay Aggarwal highlighted, “India has a noteworthy presence in the Duqm Special Economic Zone, including Sebacic Oman a $1.2 billion project for the largest Sebacic acid plant in the Middle East. Also, a ‘Little India’ integrated tourism complex project in Duqm, worth $748 million on completion has been signed”.
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