Media Release
Muscat, Dec 22: Sultan Haitham bin Tarik and Narendra Modi, Prime Minister of the Republic of India, graced at Al Barakah Palace the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the Sultanate of Oman and the Republic of India.
This visit is of special significance as it takes place in the year marking 70th anniversary of establishment of diplomatic relations between both countries. The Prime Minister’s visit follows the state visit of Sultan Haitham bin Tarik to India in December 2023.
Sultan Haitham bin Tarik and Prime Minister Narendra Modi held consultations and expressed satisfaction at the excellent state of bilateral relations, spanning trade, investment, defence, security, technology, education, energy, space, agriculture, culture and people to people ties. They also reviewed the ongoing initiatives and cooperation in the areas identified in the Joint Vision Document, adopted during the visit of the Sultan of Oman to India in December 2023. The two sides acknowledged that the relationship between the two maritime neighbours, Oman and India, has stood the test of time and has transformed into a multifaceted strategic partnership.
Indian side expressed admiration for the economic diversification and sustainable development achieved by Oman under its Vision 2040. Omani side commended India for its sustained economic growth and the goal of Viksit Bharat (developed India) by 2047. Both sides noted the synergy in the visions of both countries and agreed to work together in areas of mutual interest.
Qais bin Mohammed Al Yousef, minister of commerce, industry and investment promotion, signed the agreement on behalf of the government of the Sultanate of Oman whereas Piyush Goyal, minister of commerce and industry of the Republic of India, signed on behalf of the government of India.
Qais Al Yousef (minister of commerce, industry & investment promotion), Pankaj Khimji (advisor for foreign trade & international cooperation in MOCIIP), Sheikh Faisal Al Rawas (chairman, Oman Chamber of Commerce and Industry), Azzan Al Busaidi (undersecretary, tourism, ministry of heritage & tourism), Ibtisam Al Fourji, undersecretary, investment promotion, ministry of commerce, Dr Mohammed bin Ali Al-Mutawa for urban planning ministry of housing, Oman, Mustafa Ahmed Salman, board member, Oman Chamber, Mohammed Nasser Al Maskery, chairman, Sohar Branch of Oman Chamber, Hamood Salim Mohammed Al Saadi, deputy chairman, Sohar Branch of Oman Chamber, Piyush Goyal (minister of commerce and industry), Jaishanker, minister of external affairs, Republic of India, Ajith Doval, national security advisor, Godavarthy Srinivas (ambassador of the Republic of India to the Sultanate of Oman), industrialist Naveen Jindal, Member of Parliament, M A Yusufff Ali, Lulu Group, Abdul Latif, board member OCCI, Badr Al Sama Group, Dr P Mohammed Ali, MFAR Group, Chaithanya Khimji, Al Tasnim Group, Cyrus Cooper, ARCS Capital, CA Ramananda Prabhu, director, Middle East Chartered Accountants and past chairman-Oman Chapter of ICAI, CA Sachin Kamath, Kitara Capital, Almukhtar Hamoud Al Hinai, Bin Omeir Group, Mohammed Al Hinai, Bin Omier Group and prominent Indian and Omani business community witness the signing and high-level business summit and round table discussions on Oman India made historic milestone in the bilateral economic and investments of both countries and the will benefit and engage people to people connect in tradition, tourism, trade, tourism and technology as the vision of the both leaders for building strong bond between the two nations for the generations next.
During the summit various presentation on both Oman and Indian side who presented are Bushra Al Wahaibi (Invest Oman), Tilak Pati (Invest India), Dr Yousuf Hamed Al Balushi (moderator for Expanding Trade Relations Panel), Nasser Al Kindi Vinketesh (vice chairman of Jindal Steel), R Mukundan (managing director & CEO, Tata Chemicals Limited), Vivek Jain (chairman of INOXGFL Group), Chandrajit Banerjee (DG of Confederation of Indian Industry and Moderator for Advancing Investment Partnership Panel), (CEO of Invest Oman), Rashid Al Hashmi (senior manager, Future Fund Oman), Dr Suchitra Ella (co- founder & managing director, Bharat Biotech International Ltd), Nirmal Minda (chairman, UNO Minda Group), Dr Anish Shah (managing director & CEO, Mahindra Group) discussed on various business opportunities and ways of strengthening the same in the days to come. The key highlights of the deliberations focused on B2B and B2G roundtables focused on identifying and exploring potential collaboration in trade and investments, on strategies to increase bilateral trade, including streamlining logistics, addressing regulatory hurdles, and enhancing private-sector alliances, delved into joint investment avenues within priority sectors, including industry, tourism, energy, and manufacturing. Presentations by "Invest Oman" and "Invest India" highlighted high-value projects and competitive incentives available to investors in both countries.
The panel session focused on strategies to increase bilateral trade, including streamlining logistics, addressing regulatory hurdles, and enhancing private-sector alliances, technology & knowledge transfer initiative for shared commitment to sustainable economic growth through technology transfer and knowledge exchange was emphasized across discussions.
Qais Mohammed Al Yousef, minister of commerce Oman has been the un-stinted support for CEPA and looking forward to more Indian business investments and engagements with Oman India and enormous economic trade and investments prospectus for both the nations.
Shaikh Faisal Al Rawas, chairman of Oman Chamber has been the strong support for CEPA and looking forward to more business engagements with Oman India and fueling economic growth in the days to come.
Azzan Al Busaidi, undersecretary ministry of tourism has been the strong support for CEPA, visited India and looking forward to more tourism and hospitality business engagements with Oman India and people to connect, tradition, trade and tourism growth in the days to come.
Pankaj Khimji’s pivotal role in strengthening Oman and India’s economic diplomacy, advancing international partnerships and supporting national initiatives across trade, investment, sports, and community development. He and his team’s incredible contribution has been one of the key figures driving Oman’s global outreach, representing the Sultanate in numerous bilateral forums and trade missions, and working closely with international partners to enhance economic cooperation. His deep engagement in building bridges between Oman and India markets has earned widespread respect across both government and private sectors. He and his team and ministry of commerce has put in concerted efforts to make CEPA reality today.
Shaikh Faisal Rawas, chairman of Oman Chamber has been the strong support for CEPA and looking forward to more business engagements with Oman India and fueling economic growth in the days to come. This partnership will ensure both Oman Vision 2040 and Viksit Bharat Vision 2047 are realized, setting a global benchmark for economic cooperation between both great nations.
Sunil D’Souza, executive director, ONEIC Travels Group, said, “CEPA will be game changer in Oman India business relations and as tourism positions as a priority sector for strategic growth and investment. This landmark agreement acts as a catalyst for a shared future in travel, hospitality, and cultural exchanges in the days to come and sea-change in the Oman economy and contribution to GDP of both countries.”
Chaithanya Khimji said, “CEPA will be open new global business gateway in Oman India business relations and as per him industrial sector will see the boost in the days to come and more made in Oman and in country value generation and creation of jobs to Omanis and direct value addition and growth of manufacturing sector opportunities of both countries and Oman vision 2040.”
Khalid Al Shuaili, president Nazdaher said, “The CEPA is more than a trade agreement; it is a strategic blueprint for a shared, prosperous future of people. By cementing a permanent 'bridge' across the Arabian Sea, we position Oman as India’s new global business gateway, connecting Middle East, Africa, West Asia, Europe and US.”
CA Ramananda Prabhu conveyed his heartiest congratulations to the people of Oman and India on the historic signing of the Comprehensive Economic Partnership Agreement (CEPA). “Under the visionary leadership of Sultan Haitham bin Tarik and Prime Minister Narendra Modi, this pact opens a transformative chapter for trade, investment, and innovation. As we celebrate 70 years of diplomatic ties, and 5000 years of Oman India trade relations, this agreement strengthens our shared prosperity and reaffirms the enduring strategic partnership between our two great nations. I am pleased to be part and witnessing historic milestone and opening the new era of economic, trade, momentum to form strategic partnerships and joint ventures agreement today I am super excited to new engagement to identify business opportunities to facilitate direct business linkages between Omani and Indian entrepreneurs and investors to unlock opportunities in all major sectors of the economy, enhance economic growth, create jobs and boost investment flows between both the countries.”
During the visit, the agreements and MoUs signed are comprehensive economic partnership agreement, MoU in the field of maritime, heritage and museum, MoU in the field of agriculture and allied sectors, MoU in the field of higher education, MoU between the Oman Chamber of Commerce & Industry and Confederation of Indian Industry, Adoption of Joint Vision Document on Maritime Cooperation and Executive Programme, cooperation in millet cultivation and agri-food innovation.
The Indian Prime Minister thanked Sultan Haitham Bin Tarik for the warm welcome and kind hospitality extended to him and his delegation. He invited the Sultan to pay a visit to India at a mutually convenient time and moving forward together for generations next for both countries.