The MoU was signed with the aim of expanding the activities of INMECC, a group of business leaders and professionals in India and West Asia, in the Sultanate and also to increase economic, commercial and trade cooperation between Oman and India. INMECC Founder Director Davis Kallukaran who delivered the welcome speech said that India is a major trading partner of Oman. India is the second and fourth largest market for exports of crude and non-oil products respectively.
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India is also the second largest importer of non-oil products to Oman. Davies Kallukaran said that Oman Chamber and INMECC can work together for the advancement of Oman Vision 2040 priority sectors such as tourism, mining, agriculture and fisheries.
Speaking at the MoU signing ceremony, Sheikh Faisal said that both chambers have an important role to play in steering the growth of various sectors of the economy in a way that will benefit the people of both the countries. The two countries have centuries of trade, commerce and cultural ties. The bilateral trade between the two countries is 9.988 billion dollars in the year 2021-22. Investment is also flowing in, including through several joint ventures with India and Oman. Strong economy, geographical location, infrastructure and friendly people are all factors that attract foreigners to invest and relocate in Oman. Sheikh Faisal also said that there are a lot of possibilities and opportunities for business growth in Oman.
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Presenting the views of INMECC, Chairman DoNM Sharafuddin said that Indian companies are the leading investors including Suhar and Salala Freezers. There are about 6,000 India-Oman joint ventures in Oman worth $7.5 billion. A lot of investments are coming in Dukam Freezone as well. Dr NM Sharafuddin said that India and Oman are giving great priority in increasing economic and commercial cooperation.
Indian Embassy First Secretary Dr Praveen Kumar, INMECC Secretary General Dr Suresh Kumar Madhusudanan, Oman Chamber of Commerce Board Director Abdul Latif, INMECC Oman Chapter Acting President Muhiuddin Muhammad Ali, Chapter Directors Aftab Patel, Warit Al Kharoosi, Ahmed Raees, Oman Chamber of Commerce officials and others. Regarding the MoU signing ceremony.
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