(MENAFN- KNN India) Prabhu invites Omani companies to invest in India
New Delhi, July 18 (KNN) In an attempt to promote investment friendly environment in India, Commerce Minister Suresh Prabhu invited Omani companies to invest in India and benefit from Make in India program.
Aiming to encourage manufacturing through programs like ‘Invest India', Prabhu extended the invitation to Omani companies during the 8th India-Oman Joint Commission meeting in Muscat, where he highlighted several steps taken by the government to promote an investment-friendly environment in India.
He said 'India has launched several investment friendly programs like Make in India with a trillion dollar business opportunity in the country.
Prabhu said that both countries are keen to expand collaborations to their mutual benefit in the fields of energy, health, business, finance and investments, infrastructure, travel and tourism, SMEs, Startups, food security.
Further he added that the Sultanate of Oman is a strategic partner of India in the Gulf.
He said India's major exports to Oman include petroleum (crude & products), basmati rice, iron and steel, ceramics, electronic components, etc. and it imports petroleum products, spacecraft & parts, bulk minerals, ores etc.
India and Oman bilateral trade has accelerated to $6.7 billion in 2017-18 from $4.13 billion in 2014-15.
Commenting over India and Oman's financial connections, he said that Indian financial institutions such as the State Bank of India, Bank of Baroda, HDFC and ICICI Securities, as well as public sector undertakings like Air India, Life Insurance Corporation have their presence in Oman.
Besides, the commerce ministry in its statement said 'India-Oman Joint Investment Fund, a joint venture between State Bank of India and State General Reserve Fund of Oman, a special purpose vehicle to invest in India, has been operational and the initial corpus of $100 million has been fully utilized.
The joint investment fund has raised another $220 million in the second tranche which is being invested, it added.
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