India – Oman Relation

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.

India - Oman Relation

Defense Cooperation:

  1. Army exercise: Al Najah
  2. Air Force exercise: Eastern Bridge
  3. 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

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