Piyush Goyal meets Oman's commerce minister to boost economic ties as PM Modi visits Muscat

Muscat [Oman], December 18 (ANI): Union Minister of Commerce and Industry Piyush Goyal held a meeting with Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, to discuss ways to deepen economic cooperation between India and Oman.
Describing the interaction as productive, Piyush Goyal said the two sides discussed the strong trade and investment relationship shared by India and Oman and the vast potential to further strengthen this partnership.
He noted that the growing economic engagement between the two countries is being guided by the leadership of Prime Minister Narendra Modi and Sultan Haitham bin Tarik.
In a social media post, Goyal stated, "Held a productive meeting with H.E. Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion. We discussed how India & Oman share strong trade & investment ties, with immense potential to further strengthen this partnership. Looking forward to our engagement tomorrow, in the presence of our leaders, to translate our civilisational ties into a new chapter of deeper economic cooperation, delivering even greater mutual benefits for both our nations."
The meeting took place as Prime Minister Narendra Modi arrived in Oman on Wednesday on the final leg of his three-nation, four-day tour, after concluding visits to Jordan and Ethiopia. PM Modi is visiting Oman at the invitation of Sultan Haitham bin Tarik.
During the visit, Prime Minister Modi and Sultan Haitham bin Tarik are expected to hold discussions on strengthening the Strategic Partnership and expanding cooperation in commercial and economic sectors.
The visit is also significant as India and Oman are marking 70 years of diplomatic relations. It follows the state visit of Sultan Haitham bin Tarik to India in December 2023. This marks his second visit to the Gulf nation.
India and Oman share strong and growing economic ties. Bilateral trade during FY 2023-2024 stood at USD 8.947 billion, while in FY 2024-25, it increased to USD 10.613 billion. Investment relations between the two countries have also remained robust, supported by a large number of joint ventures.
There are over 6,000 India-Oman joint ventures operating in Oman. The cumulative outward direct investment from India to Oman stands at USD 675 million. Meanwhile, the cumulative FDI equity inflow from Oman to India between April 2000 and March 2025 amounts to USD 610.08 million.
The trade balance continues to favour Oman. In FY 2024-25, the trade balance stood at USD 2.48 billion, compared to USD 94.37 million in FY 2023-24. During FY 2024-25, imports from Oman rose by 44.8 per cent, while exports from India to Oman declined by 8.1 per cent.
The discussions between the two sides aim to build on these strong economic fundamentals and further expand trade, investment and commercial cooperation between India and Oman. (ANI)