April 13, 2024
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India, Oman adopt vision document to expand bilateral cooperation

In a significant development in the economic collaboration between India and Oman, the announcement of the third tranche of the Oman-India Joint Investment Fund has marked a notable milestone in their trade and capital cooperation. Foreign Secretary Vinay Kwatra, during a special briefing at the Ministry of External Affairs, emphasized the significance of this achievement, coinciding with the State Visit of Sultan Haitham bin Tarik of Oman to India.

Kwatra highlighted that the Oman-India Joint Investment Fund, established as a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, aims to enhance economic ties by directing investments into the rapidly growing sectors of the Indian economy. The newly announced third tranche of the fund is valued at 300 million dollars (approximately 2500 crores).

The Foreign Secretary elaborated on the earlier tranches, valued at 100 million and 200 million dollars, respectively, which laid the foundation for a robust economic alliance. He emphasized that these initial tranches built a strong base of economic ties through direct capital investments in India’s growing sectors. The third tranche, as mentioned, amounts to 300 million dollars.

The announcement of the third tranche of the Oman-India Joint Investment Fund not only represents a substantial financial commitment but also solidifies the long-term vision of both nations to deepen their economic and cultural ties.

During the State Visit, Prime Minister Narendra Modi engaged in delegation-level talks with Sultan Haitham bin Tarik at Hyderabad House in New Delhi. The leaders adopted a new ‘India-Oman joint vision, a partnership for the future,’ outlining collaboration in ten different areas. Additionally, the Sultan of Oman received a ceremonial reception at Rashtrapati Bhavan in New Delhi on the second day of his state visit, reinforcing the diplomatic ties between the two countries.

Picture Courtesy: Google/images are subject to copyright

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