Dubai: India-Oman bilateral trade is expected to cross the $1 billion-mark (Rs4,066 crore) in 2007 with increased business exchanges between the two countries.
“The increase in the number of high-level visits has helped to create an environment that is very conducive to expansion of trade and investment ties. The excellent relations between Sultanate and India have been further strengthened,” said Ashok Kumar Attri, the outgoing Indian ambassador to Oman.
The Indian private sector has also increased its involvement in Oman, he said.
“Our trade, which was $300 million in 2003, has already touched $900 million in 2006 and is poised to cross the $1 billion mark in the current year.
“It includes oil exploration work by Reliance in an offshore block in Oman, which started in March 2005 and an onshore block by an Indian consortium led by Videocon for which agreement was signed in August last year. L&T has made major new investments like establishment of heavy fabrication yard in Sohar and they are in the process of heavy engineering company in Sohar, which will be the first of its kind in the entire Gulf region. Other major players like Birlas and Tatas are also in the process of finalising investment plans,” he said.
“On the economic front, the biggest highlight was the completion of construction and inauguration of the $1-billion Oman-India fertiliser company (Omifco) in Sur, which is the largest urea production factory in the world and also the largest Indian joint venture in the world,” Attri added.