New Delhi: In an attempt to strenghten the relationship, Oman wants to look at creating innovative linkages between business in India and Oman to take the bilateral relationship to a new level.
"traditionally, Indian and Omani businesses had a buyer-seller relationship. It was now time to transform that into a partnership that leverages the strengths of both countries," said Dr Ali Bin Masoud Al Sunaidy, Minister of Commerce and Industry, Sultanate of Oman at a meeting organized by the Confederation of Indian Industry here on Thursday.
He pointed out that Oman had Free Trade Agreements with several countries such as the GCC and the US. He invited Indian companies to set up a manufacturing base in Oman and take advantage of these FTA’s to access a larger market.
He also highlighted sectors such as medical consumables, engineering and food processing among others as potential sectors for such projects. The Minister stressed on the need to create value chains between SMEs from both countries in order to create a more sustainable business model.
He called for the adoption of a holistic approach towards cooperation in the clean energy sector. He also suggested that Indian and Omani companies could collaborate to supply projects and equipment in third countries.
In addition, the Minister felt that there needed to be greater engagement at the project conceptualization stage. Citing the example of computer software, he pointed out that currently Omani companies tie up with Indian companies and customize their existing portfolio for the Arab market. He felt that this process could be curtailed if Indian and Omani companies collaborate at the product conceptualization stage.
The Minister also called for greater people to people contacts between the two countries. He felt that this would lead to a greater exchange of ideas and eventually lead to stronger business ties.
Pankaj Khimji, Leader of Omani Business Delegation stated that Oman was in the process of diversifying its economy and is moving away from reliance on oil and gas. He observed that this was throwing up new opportunities for business between the two countries especially in the areas of Supply Chain Management, Infrastructure Development, Skills Development and Hospitality sectors among others.