India–Oman FTA Poised to Transform Bilateral Trade: Goyal Highlights New Opportunities as Investments Cross USD 5 Billion
Minister of Commerce, Industry and Investment Promotion of Oman, H.E. Mr Qais Al Yousef in his address, said that India has emerged as Oman’s third-largest trading partner and Oman continues to be a keydestination for Indian investments across strategic sectors.
India and Oman are preparing to elevate their long‑standing economic partnership through a forthcoming Free Trade Agreement (FTA) that both sides describe as a defining milestone in bilateral relations.
Addressing the India–Oman Business Forum in Muscat, Union Minister of Commerce and Industry Shri Piyush Goyal said the FTA will open substantial opportunities for Indian exporters across sectors such as textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components.
He highlighted that Oman’s strategic location, connecting the Gulf CooperationCouncil (GCC), Eastern Europe, Central Asia and Africa, positions it as a vital gateway for Indian businesses seeking diversified global access.
Oman’s Minister of Commerce, Industry and Investment Promotion, H.E. Qais Al Yousef, highlighted the rapid expansion of economic ties, noting that India has emerged as Oman’s third‑largest trading partner.
He stated that Indian investments in Oman have more than tripled since 2020, reaching USD 5 billion across sectors such as green steel, green ammonia, aluminium manufacturing and logistics. These investments, he said, reflect India’s confidence in Oman as a stable and long‑term operating base.
Shri Goyal underscored that the India–Oman FTA would be Oman’s first such agreement in nearly two decades, signalling the depth of trust and strategic alignment between the two nations.
He also recalled the centuries‑old maritime links between India and Oman, including historical trade routes through ancient ports like Lothal, as a reminder of the enduring cultural and commercial ties that continue to shape the partnership.
The Minister noted that Prime Minister Narendra Modi’s forthcoming visit to Oman coincides with the celebration of 70 years of diplomatic relations, adding symbolic significance to the FTA negotiations. He also referenced India’s invitation to Oman as a special guest during its G20 Presidency in 2023, describing it as a testament to the strong mutual respect and shared strategic vision.
Looking ahead, Shri Goyal identified four key pillars for future cooperation: energy transition, particularly green hydrogen and renewable energy; infrastructure development, including ports and multimodal logistics; food security through cold chains and food parks; and innovation‑driven collaboration between startup ecosystems in deep tech, logistics and artificial intelligence.
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He also highlighted the alignment between India’s Viksit Bharat 2047 vision and Oman’s Vision 2040, noting that both countries share a focus on youth‑led growth and entrepreneurship.
Expressing confidence in the trajectory of bilateral ties, Shri Goyal said the India–Oman partnership is poised for a new era of expansion built on trust, shared history and complementary strengths. He urged businesses from both countries to work together as trusted partners to fully leverage the opportunities emerging from the strengthened economic engagement.
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