India–Oman FTA to Unlock New Growth Sectors, Says Minister Piyush Goyal

The Minister highlighted that Prime Minister Shri Narendra Modi’s forthcoming visit to Oman will coincide with the 70th anniversary of diplomatic relations between the two nations.

Union Minister of Commerce and Industry Shri Piyush Goyal addressed the India–Oman Business Forum in Muscat today, highlighting the transformative potential of the forthcoming India–Oman Free Trade Agreement (FTA). He said the FTA will open significant new opportunities across key sectors including textiles, food processing, automobiles, gems & jewellery, agrochemicals, auto components and renewable energy.

Calling Oman a gateway to the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia and Africa, the Minister noted that the FTA will offer Indian businesses unparalleled access to new and expanding markets across these geographies.

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Oman: A Fast-Growing Hub for Indian Investments

Oman’s Minister of Commerce, Industry and Investment Promotion, H.E. Qais Al Yousef, highlighted the deepening economic partnership, noting:

• India is now Oman’s third-largest trading partner.

• Indian investments in Oman have more than tripled since 2020, rising to USD 5 billion.

• Sectors attracting major Indian investments include:

  • Green steel

  • Green ammonia

  • Aluminium manufacturing

  • Logistics and supply chain infrastructure

These investments, he said, reflect India’s long-term confidence in Oman as a stable and strategic operating base.

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A Defining Milestone: Oman’s First FTA in Nearly Two Decades

Shri Goyal described the upcoming FTA as a historic milestone, noting that it will be:

• Oman’s first Free Trade Agreement in almost 20 years, and

• A major boost to India’s global trade outreach

He also evoked the centuries-old maritime ties between India and Oman, recalling the ancient trade routes linked to ports such as Lothal, which testify to a shared history of commerce and cultural exchange.

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70 Years of Diplomatic Partnership and Growing Trust

The Minister highlighted that Prime Minister Shri Narendra Modi’s forthcoming visit to Oman will coincide with the 70th anniversary of diplomatic relations between the two nations.

He recalled Oman’s invitation as a special guest country during India’s G20 Presidency in 2023, emphasising the mutual trust and depth of the strategic partnership.

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Expanding Services Collaboration: New Growth Engines

Shri Goyal identified vast potential in the services sector, outlining areas where both nations can accelerate cooperation:

• Professional services & accounting

• Business process re-engineering

• Research & development

• Tourism and hospitality

• Healthcare and medical services

• Higher education and skill development

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Four Priority Pillars for Future Collaboration

The Minister highlighted four major pillars that will define the next stage of India–Oman economic cooperation:

1. Energy Transition and Clean Energy

• Green hydrogen

• Renewable energy generation

• Sustainable energy technologies

2. Infrastructure Development

• Port modernisation

• Multimodal logistics

• Cross-border supply chains

3. Food Security and Agri Collaboration

• Cold chains

• Food parks

• Agri-processing and logistics networks

4. Innovation and Startup Ecosystems

• Deep tech

• Artificial intelligence

• Logistics technology

• Youth-led entrepreneurship

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Youth Vision: Viksit Bharat 2047 & Oman Vision 2040

Drawing parallels between India’s Viksit Bharat 2047 mission and Oman Vision 2040, Shri Goyal said both countries place strong emphasis on youth empowerment, entrepreneurship and innovation-led growth.

He noted that the shared aspirations of young populations in both nations create a powerful foundation for sustained economic collaboration.

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A Partnership Poised for a New Era of Growth

Shri Piyush Goyal expressed confidence that the India–Oman partnership—rooted in trust, shared history, geographic complementarity and strategic alignment—is entering a new phase of rapid expansion.

He urged businesses from both countries to work together as reliable, long-term partners to fully leverage the opportunities emerging from the strengthened bilateral relationship and the upcoming FTA.