India-Oman Relation
Why in news ?
Recently the Oman’s Sultan Haitham bin Tarik visited India, it marks a significant milestone as it is the first State visit by an Omani ruler in 26 years.
India-Oman Relation
Economic Cooperation:
- India is among Oman’s top trading partners. Bilateral trade in 2022-23 stood at around $12.3 billion between both the nations.
- India is the 2nd largest market for Oman’s crude oil exports for the year 2022 after China.
- India is also the 4th largest market for Oman’s non-oil exports for the year 2022 and 2nd largest source of its import after UAE.
Defense Cooperation:
- Army exercise: Al Najah
- Air Force exercise: Eastern Bridge
- Naval Exercise: Naseem Al Bahr
Cultural relations : There is a deep socio-cultural bond between India and Oman, rooted in the strength of people-to-people contacts.
Indian Diaspora:
- There are about 7,00,000 Indians in Oman, of which about 5,67,000 are workers and professionals.
- There are Indian families living in Oman for more than 150-200 years.
What are the Key Highlights of the Bilateral Meet?
Bilateral Agreements:
- Both countries have signed agreements on cooperation in the field of information technology, combating financial crimes, culture, and the establishment of a Hindi chair of the Indian Council of Cultural Relations (ICCR) in Oman.
Comprehensive Economic Partnership Agreement (CEPA):
- Both nations are engaged in discussions to finalize a CEPA.
- Substantial progress has been made, and leaders from both sides emphasized concluding this agreement at the earliest to boost economic ties.
Oman-India investment Fund:
- The two sides announced the third tranche of Oman-India investment fund worth USD 300 million that would be used for channelising investment into the fastest growing sectors of the Indian economy.
- The fund was started as a 50:50 joint venture between the SBI and the Oman investment authority, with the first tranche of USD 100 million followed by USD 200 million.
Agreements between India and Oman
- In 2022, the Central Bank of Oman (CBO) signed a Memorandum of Understanding (MoU) with the National Payments Corporation of India (NPCI) to link the payment systems between the two countries.
- Another MOU between Oman News Agency and Asia News International was exchanged. The MOU facilitates the exchange of news and information between both countries.
Source – The hindu