The Bilateral trade between India and Oman is set to flourish following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries. His Excellency Qais Al Yousuf, Minister of Commerce, Industry and Investment promotion, expressed this optimistic outlook during a meeting with the Board of Directors of Indo Gulf & Middle East Chamber of Commerce (INMECC) at his office. The focus of the country is on promoting industrial sectors such as Manufacturing, Transport & Logistic, Tourism, Energy & mining, and food security. Al Yousuf also emphasized the importance of conducting INMECC activities under the umbrella of the Oman Chamber of Commerce and Industry (OCCI) to ensure proper registration and support for future endeavors.
Discussions during the meeting included the organization of joint events with OCCI on Startup Investments and hosting related events in Oman to foster innovation and entrepreneurship. Additionally, the role of INMECC in supporting Invest Oman and the Oman Business Forum was highlighted, with plans to enhance these initiatives for the economic development of Oman. An annual mega event involving Invest Oman, OCCI, and INMECC was proposed to positively impact the overall business landscape of the country.
Cooperation in better utilization of hospitality infrastructure was also discussed, focusing on attracting more tourists from India by increasing Oman’s visibility. Investments in the healthcare sector were identified as another important area for growth, with suggestions on addressing insurance requirements and streamlining payment cycles to attract more investors to this sector. The meeting was attended by key members of INMECC, including its Secretary General and Directors from various countries.
INMECC, a not-for-profit entity registered in India, has signed an agreement with OCCI to promote trade and industry, following a joint communique by the Ministers of India and Oman last year. Since then, both organizations have conducted several joint programs, including seminars on the fisheries and tourism sectors. INMECC, formed by professionals and businessmen in India and Middle East countries, aims to promote sustainable development and growth through a strong network of government agencies and business leaders in the regions. With a presence in UAE, Oman, Saudi Arabia, Kuwait, and Indian states like Kerala and Maharashtra, INMECC is committed to expanding its reach further.
The delegation for the meeting, led by INMECC Oman Chapter President Mr. Mohiudeen Mohammed Ali, discussed ways to enhance bilateral trade between India and Oman and promote collaboration in key sectors like manufacturing, transport, tourism, energy, and healthcare. The emphasis was on organizing joint events and initiatives with OCCI to drive innovation and entrepreneurship in Oman. Overall, the goal is to strengthen the economic ties between the two countries and create new opportunities for growth and development.
