13 August 2015 | Interviews | By Libin Chacko Kurian
Described as the most peaceful country in the Middle East, a business delegation from the Sultanate of Oman is in India to promote investments and explore trade opportunities. Confederation of Indian Industry (CII) has organized an Interactive session with ITHRAA, The Public Authority for Investment Promotion & Export Development, attended over 30 + member Omani business delegation led by Dr Salem Al Ismaily, Chairman of ITHRAA in Mumbai today. The India – Oman Business Meeting established new associations and trade opportunities with Indian companies to opportunity for new business with Omani companies.
K Nandakumar, chairman, CII (WR) SME sub-committee, said, “Oman is a crucial trade partner for Indian businessmen and the government and we already have investments in the country. Though the exports from this country to India are decreased in recent times, this business meet can make a positive impact to increase the production particularly, in the food sector with better collaboration. Indian businessmen have a key role to play in this region. Both the governments have also increased the bilateral relations in recent times. Both countries will be benefited from the boosting trade relations.”
Ayman Abdullah Al Hasani, vice chairman for economic and branches affairs, chairman of Industrial committee and ITHRAA board member, said “Oman is restructuring and diversifying the economy to decrease dependency by increasing trade relations and investments in the country. The strategic location and supportive policy may allow smooth foreign direct investments and developments. The economic activities are further boosted by the special economic zones which allow tax exemptions and incentives.”
Taleb Saif Al Makhmari, director of export facilities department, ITHRAA, said “ITHRAA will be a catalyst for business, investment and exports from Oman. We provide scientific market studies to increase competitiveness in the foreign markets. Oman food processing companies are considering the Indian market as crucial and huge for its products to be sold. Dates, dairy products, seafood products and packaging services from Oman can have definite market potential in India.”
Hilal Saif Al Hosni, Marketing manager, Modern Dairy factory, said “We are new to India and are looking for collaborations and trade relations with Indian companies to market our products in Indian cities. We are also looking for raw materials like pulps to be imported from India in the production of dairy and juice products.”
Oman is providing Industrial lands for new investments in seven estates, namely, Rusayl, Sohar, Samail, Raysut, Sur, Nizwa and Buraimi which gives special incentives and tax exemptions. The government is providing essential services electricity, water, gas and insurance in much lower cost and expenses. The investor could start his production after the a 13 phase procedures and counts itself as a ease to do business place. The incentives may include tax benefits, exemption from duties, loans and facilities for export.
The delegation comprised from sectors of Food & Beverages, FMCG, Plastics, Food Processing, Petrochemicals, Building & Construction, Automotive and Textile industries. Companies producing dates, seafood, dairy and packaging materials were also present in the delegation. ITHRAA is Oman’s investment and export promotion agency and has provide international and domestic companies with an extensive rage of support services to help them setup in, and export from, Oman. The Sultanate of Oman occupies a vitally important strategic location lying in the south east corner of the Arabian Peninsula.
ITHRAA has also announced and invited Indian business delegation to visit an ‘India-Oman investment meet’ on 12-13 October 2015. The seminal two day business event has been designed specifically to increase trade and investment between India and Oman.