The Hindu Business Line : Oman to host GCC-India conference in 2006

OMAN will host the second GCC-India Industrial Conference in the first quarter of 2006.The first conference, which was held in Mumbai earlier this year, was successful in formulating an agenda for industrial and economic co-operation between India and the GCC (Gulf Cooperation Council) states.

Initial moves have been made on a free trade pact between India and the GCC states.

Mr A.C. Patankar, Principal Advisor, Confederation of Indian Industries (CII), who visited Oman recently to present the CII agenda for industrial co-operation to the Omani Minister of Commerce and Industry, Mr Maqbool bin Ali Sultan, told Business Line that a committee comprising representatives of the two countries would be set up to follow up on the decisions taken at the Mumbai conference and to prepare for the second conference in Oman.

The Omani minister complimented the CII for the successful organisation of the first conference in Mumbai and invited it to collaborate for organising the second. Conference, he said.

Mr Sultan also invited Indian companies to look at Oman for investment and welcomed plans by the CII to organise an investment delegation to Oman.

Formation of an India-Oman Investment Forum to facilitate advice from investment experts was proposed.

Mr Patankar said the Oman Chamber of Commerce and Industry agreed to make available its suggestions for a joint agenda between the two organisations. An invitation has been extended to organise a visit of an Omani investment delegation to look into the opportunities for investment in India, he said.

Oman is in the process of diversifying its economy with particular reference to the development of the non-oil sector. Foreign Investment is being encouraged and the privatisation drive is underway. Oman is now engaged in reducing dependence on foreign labour, as the growing young population needs enhanced employment opportunities. There is a drive to develop the right skills through dedicated higher education programmes.

India-Oman economic and industrial co-operation is now being developed with a new dimension to meet the challenges of the future and the changed international economic environment. Oman is an important economic partner for India. In 2002-2003, Indian exports to Oman were of the value of $198.61 million. The value of imports from Oman was $13.84 million. There is great scope to increase two-way trade, which stood at $ 212.45 million in 2002-2003.

The Oman-India Fertilizer Project has strengthened bilateral co-operation. Videocon is setting up a plant in Oman and Asian Paints Ltd, Godrej & Boyce Mfg Co Ltd and Akbarally Group already have a strong presence in Oman. Companies such as Larsen & Toubro Ltd and Bharat Heavy Electricals Ltd, are engaged in projects relating to Salah Port and Power.

More Stories on : Events | Foreign Trade

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page