Duqm Special Economic Zone could be a key hub for India Inc. to make a foray into Oman and rest of Middle East and even Africa, an Indian minister said in New Delhi today.
“Mega projects in Duqm offer great opportunities for Indian companies. Indian companies should seize it, Indian Union minister C R Chaudhary said while addressing the “Duqm Port SEZ B2B Summit 2019” in New Delhi.
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“India and Oman should expand cooperation to new areas of mutual interest including space, cyber-security, renewable energy and food security to realise the full potential of bilateral trade which currently stands at USD 7 billion,” the minister added.
Observing that a lot of restrictions have been lifted to make doing business easy, the Minister of State for Commerce and Industry said 90 per cent of total foreign direct investment (FDI) into the country was now coming through the automatic route.
“Considering the expanding economies of India and Oman there is scope for substantial increase in the bilateral flow of trade and investments and diversifying the trade basket,” Chaudhary added.
Highlighting that the total trade between the two countries is around USD 7 billion, the minister noted that Oman ranks 31st in terms of FDI into India.
“Oman offers unmatched incentives to Indian investors assuring the long-term interest of Indian investors to set up manufacturing facilities so that goods may be exported to USA under the aegis of unique free trade agreement which exists between Oman and USA,” Oman’s Ambassador to India, Hamed Saif Al-Rawahi, said