Finance
Prime Minister Shri Narendra Modi today addressed the India–Oman Business Forum in Muscat. H.E. Qais Al Youssef, Minister of Commerce, Industry and Investment Promotion of Oman; H.E. Sheikh Faisal Al Rawas, Chairman of the Oman Chamber of Commerce and Industry; Commerce and Industry Minister of India Shri Piyush Goyal; and Shri Rajiv Memani, President of CII attended the meeting. The Forum saw participation by leading business representatives from both countries in the fields of energy, agriculture, logistics, infrastructure, manufacturing, health, financial services, green development, education, and connectivity.
Addressing the gathering, Prime Minister highlighted the centuries-old maritime trading ties between the two countries, from Mandvi to Muscat, which today forms the bedrock of vibrant commercial exchanges. He noted that 70 years of diplomatic relations represent the trust and friendship built over centuries. Prime Minister called upon the business leaders to realize the full potential of India-Oman Comprehensive Economic Partnership [ CEPA], which he described as the blueprint for India-Oman shared future. He underscored that CEPA would infuse new energy in bilateral trade and investment ties and create opportunities for mutual growth, innovation and employment.
Highlighting India’s economic success in the last 11 years, Prime Minister stated that the country was well on its way to become the 3rd largest economy in the world on the back of next generation reforms, policy predictability, good governance and high investor confidence. He further added that India’s high growth – over 8% in the last quarter – in an environment of global uncertainty spoke of its resilient nature and inherent strengths. He underlined that India was working at speed and scale to create world class infrastructure, logistics, connectivity, trusted supply chains, manufacturing capacities and green growth to boost “ease of living” and “ease of doing business”. He invited Omani businesses to look beyond traditional areas of energy, oil and gas, petrochemicals and fertilizers, and explore opportunities in the fields of green energy, solar parks, energy storage, smart grids, agri-tech, fintech, AI and cyber security. He proposed creation of India-Oman Agri Innovation Hub and India-Oman Innovation Bridge to make the business partnership future ready. Prime Minster emphasized that these were not just ideas, but invitation to invest, to innovate and to build the future together.
Prime Minister appreciated the strong presence of business leaders at the event and called upon them to combine enterprise with policy and give wings to CEPA. He reaffirmed that India and Oman are not just close neighbors, but strategic partners committed to stability, growth and shared prosperity in the region and beyond.
Source: PIB
