Oman Sultan’s India visit paves way for new, positive stage in developing ties: Foreign Minister Albusaidi

New Delhi [India], December 17 (ANI): Oman‘s Foreign Minister Sayyid Badr Albusaidi has said Sultan Haitham bin Tariq‘s India visit constitutes a major milestone that builds on historical relations and paves the way for a new, positive stage in developing bilateral ties, Oman News Agency reported. The Oman Foreign Minister said the Sultan’s visit underscores the strength of bilateral relations between the two countries.

Sayyid Badr further said that the visit represents a joint commitment to strengthen cooperation that stems from the long-standing foundations of friendship, cultural and economic exchange and continuous interaction between the peoples of the two friendly nations, according to the Oman News Agency.

The Oman Sultan arrived in the national capital on Friday for a three-day state visit. He was received by Union Minister of State (MoS) for External Affairs, V Muraleedharan, at the Delhi Airport.
President Droupadi Murmu hosted a banquet in the Oman Sultan’s honour at the Rashtrapati Bhavan on Saturday. The two leaders expressed their keenness to promote bilateral relations and enhance partnerships between India and Oman in various areas.

Earlier on Saturday, Prime Minister Narendra Modi and Oman Sultan held a meeting in Delhi and discussed ways to deepen cooperation in commerce, culture, defence, and innovation. The two leaders reviewed the full range of bilateral ties. In a post shared on X, PM Modi stated, “Had an excellent meeting with His Majesty Sultan Haitham bin Tarik of Oman. Reviewing the full range of bilateral ties, we discussed ways to deepen cooperation in commerce, culture, defence, innovation and more.”

During the delegation-level talks, PM Modi and Haitham bin Tariq adopted a new ‘India–Oman joint vision, a partnership for the future’ under which both countries will work in ten different areas. Oman‘s Foreign Minister Sayyid Badr said the Sultan’s meetings with President Droupadi Murmu and Prime Minister Narendra Modi affirm the existence of tangible cooperation that focuses on Oman–India‘s future perspectives on prioritising engagements in the fields of economy, technology, energy, trade and investment.

The Sultan’s visit to India concluded with the endorsement of a joint vision that identified several basic areas of cooperation, reflecting the two countries’ desire to conclude a joint economic partnership agreement, said the minister. This partnership envisages consolidating cooperation in the fields of maritime security, the fight against terrorism and space technologies, said Sayyid Badr, noting that bilateral cooperation also covers a wide range of topics like research, training and cultural exchanges, according to Oman News Agency.

Sayyid Badr, expressed Oman‘s welcome for this boost to relations with India, which, he observed, would significantly contribute to stability and security in the Indian Ocean region. He said: “The move will also help achieve our joint goals of sustainable economic development that generates benefits to the two countries and the region at large.” (ANI)

Third Oman-India Joint Investment Fund’s establishment builds on success of first two funds: OIA Chairman

Muscat [Oman], December 17 (ANI): Oman Investment Authority (OIA) Chairman Abdulsalam Mohammed Al Murshidi has said the establishment of the third Oman–India Joint Investment Fund builds on the success of the first two joint funds, Oman News Agency reported. He said the ventures brought about good returns from successful investments in different domains, most notably banking and financial services, medical care and pharmacology, chemical and industrial technologies, automobiles, information technology, commodities, defence, aerospace, mining and the retail sector.

The third tranche of the Oman–IndiaJoint Investment Fund was announced on Saturday, marking a major milestone in trade and capital cooperation between the two nations. Foreign Secretary Vinay Kwatra, in a special MEA briefing on Saturday, highlighted the importance of this achievement during the State Visit of the Sultan of Oman, Haitham bin Tarik, to India. “An important achievement in terms of India–Oman trade and capital cooperation was the announcement of the third tranche of the Oman–IndiaJoint Investment Fund,” he said.

The Foreign Secretary also said that the Oman–IndiaJoint Investment Fund, a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, aims to bolster economic ties by directing investments into the fastest-growing sectors of the Indian economy.

“This fund would be worth 300 million dollars, approximately 2500 crores, purely as a point of elaboration. The fund was established as a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, which essentially channelled investments into the fastest-growing sectors of the Indian economy,” Kwatra added.

As per the Oman News Agency, the OIA targets various vital sectors to strike partnership and investment deals in the Indian market, said Al Murshidi, noting that such portfolios benefit from the growth of the Indian economy due to strong consumer demand of the population there.

According to Al Murshidi, the Indian economy is expected to see a growth rate of 6.3 per cent in the current year (2023) and next year (2024). The new fund boasts a volume of USD 300 million (with USD 50 million as OIA investment), said Al Murshidi, who explained that the sum would be invested in a variety of sectors, most notably technology, health and pharmacy, banks and banking services, industries and consumer services.

The third investment fund expects an increase in capital in the long term and generates lucrative returns through investment in companies that command high levels of governance, sustainable competitive advantage and a sound exit strategy after achieving good returns, said Al Murshidi, as per Oman News Agency.

The OIA established the first Omani-Indian Joint Investment Fund in 2011, with a value of USD 100 million, in partnership with the State Bank of India. In 2017, the OIA established its second portfolio with a USD 230 million fund that focused on medium-sized companies in the Indian market.
The OIA also runs direct investments in India beyond the scheme of joint investment funds. (ANI)