We are looking for a comprehensive agreement between the GCC region & India: Piyush Goyal

May 12, 2022

• Pharma products with US, UK and EU approvals will be fast-tracked for approval by Oman 

NEW DELHI, 12 May 2022: Mr Piyush Goyal, Minister for Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Govt of India today said, "We are looking for a comprehensive agreement between the GCC region and India."

Addressing the '10th Meeting of India-Oman Joint Business Council', organized by FICCI jointly with Oman Chamber of Commerce & Industry, Mr Goyal added, "Goods, services, food security, Start-up ecosystem are some of the areas in which India and Oman can collaborate further." He also invited Omani businesses to look at India in the areas of Investment, trade, services, and renewable energy mission among others.

Highlighting the market study on Pharma sector released yesterday, Mr Goyal said, "I am sure new opportunities can open up that can help bring down health costs in Oman. I am delighted that Oman has agreed that Indian pharma companies and products that have US, UK and EU approvals will be fast-tracked for approval."

Mr Goyal also lauded Oman for its sensitivity towards India and being the first country in GCC to accept India's Covaxin vaccine. "India-Oman relationship is that of love, affection, shared interests & oneness," he added.

He further alluded, "Let us not leave any stone unturned, whether security, sustainability, startups or powering new businesses, these are two countries that can work together."

HE Mr Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion of the Sultanate of Oman said, "We have recently launched long term vision of Oman which is Oman@2040. With that comes a number of changes to the foreign direct investment law making it much easier to set up companies in Oman."

HE Mr Yousef shared that the foreign companies in Oman can now get freehold land. Highlighting the growing FDI ratings of the country, he invited businesses to invest in Oman in the areas that Vision 2040 of Oman focuses upon. "We are looking forward to having further investments in the areas of common interest, the areas that Vision 2040 focuses on, such as renewable energy, ICT, healthcare, manufacturing, agriculture, logistics, education," he added.

Mr Subhrakant Panda, Senior Vice President, FICCI said, "Currently, both the countries are at the cusp of transiting into a new era of economic development. As India enters the Amrit Kaal with its vision for India@100 and Oman moves on with its Vision 2040, both countries are looking for developing a comprehensive agenda, which would be inclusive and sustainable."

"As the world enters Industrial Revolution 4.0 and start-ups in Fintech, Health tech and Edu-tech thrive, economies of both our countries can accrue great benefits. The Oman Technology Fund can play a vital role in funding start-ups and benefit from an already vibrant Indian start-up ecosystem," Mr Panda added.

Mr Vikramjit Singh Sahney, Chair, FICCI India-Arab Council & Chairman, Sun International Limited said, "Oman is a key pillar of India West Asia Policy, strategic partner of India in GCC Arab League and Indian Ocean Rim Association. We look forward to work closely with Oman to enhance strategic business relationship."

HE Engr Redha Juma Al Saleh, Chairman, Oman Chamber of Commerce, and Industry said, "Republic of India is one of the most important trading partners for the Sultanate of Oman. The investors can now make 100 percent investment in Oman without need of any local partner."

Dr Siddeek Ahmed, Co-Chair, FICCI India-Arab Council & CMD Eram Group delivered vote of thanks. Mr Arun Chawla, Director General, FICCI moderated the meeting.