Muscat, December 18, 2025: Union Minister of Commerce and Industry, Shri Piyush Goyal, today said that the proposed India–Oman Free Trade Agreement (FTA) will open significant opportunities across a wide range of sectors, including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components. Addressing the India–Oman Business Forum in Muscat, the Minister highlighted Oman’s strategic geographic position as a gateway to the GCC, Eastern Europe, Central Asia and Africa, offering Indian businesses enhanced access to global markets.
Hon’ble Minister of Commerce, Industry and Investment Promotion of Oman, H.E. Mr. Qais Al Yousef, stated that India has emerged as Oman’s third-largest trading partner, with Indian investments in Oman crossing USD 5 billion. He noted that Indian investments have more than tripled since 2020, spanning key sectors such as green steel, green ammonia, aluminium manufacturing and logistics, reflecting India’s growing confidence in Oman as a long-term investment destination.
Shri Goyal described the forthcoming FTA as a defining milestone in bilateral relations, noting that it would be Oman’s first Free Trade Agreement in nearly two decades. Recalling centuries-old maritime and trade links between the two nations, including historic exchanges through ports such as Lothal, he underlined the deep-rooted and enduring nature of India–Oman ties.
The Minister also noted that the forthcoming visit of Prime Minister Shri Narendra Modi to Oman coincides with the celebration of 70 years of diplomatic relations between the two countries. He recalled India’s decision to invite Oman as a special guest during India’s G20 Presidency in 2023, reflecting the high level of trust and strategic partnership.
Highlighting future areas of cooperation, Shri Goyal identified energy transition—including green hydrogen and renewable energy—along with infrastructure development, ports and multimodal logistics, food security through cold chains and food parks, and collaboration between startup ecosystems, particularly in deep technology, logistics and artificial intelligence. He also emphasised growing opportunities in services such as professional services, R&D, tourism, healthcare and education.
Referring to the shared focus on youth-led growth, the Minister underlined the alignment between India’s vision of Viksit Bharat 2047 and Oman’s Vision 2040. He expressed confidence that the India–Oman partnership, built on shared history, trust and complementary strengths, is poised to enter a new phase of economic growth, with businesses from both sides well-positioned to leverage emerging opportunities.
