New Delhi, Oct 30 (IANS): Oman Thursday invited Indian business to set up base in the Gulf nation so as to access markets with which it has free trade agreements (FTAs) like those in its neighbourhood as well as the US.

Adressing a meeting here organised by the Confederation of Indian Industry, visiting Omani Commerce and Industry Minister Ali bin Masoud Al Sunaidy said since the Sultanate has FTAs with many countries such as members of the Gulf Cooperation Council (GCC) and the US, Indian companies could set up a manufacturing base in Oman so as to access a larger market.

He highlighted medical consumables, engineering and food processing as potential sectors for Indian firms.

Pointing out that Indian companies tie up with Omani firms to customize their existing portfolio for the Arab market, the Omani minister said this process could be curtailed if companies from both countries collaborate at the product conceptualization stage.

Oman has historically depended on oil, gas, and mineral resources for revenue, but diversification is now a high priority and there are many investment opportunities for Indian companies in Oman's non-hydrocarbon sectors, Sunaidy added.

Bilateral trade has crossed the landmark figure of $6 billion compared to approximately $3.9 billion in 2012, the minister said.

Indian Ambassador to Oman J.S. Mukul said there are over 1,500 Indo-Omani joint ventures and 140 Indian companies operating in Oman, while estimates for last year show that Indian companies have secured contracts worth $1.25 billion.