India, Oman Boost Economic Ties With 3rd Tranche of Joint Investment Fund
16:32 16.12.2023 (Updated: 20:14 16.12.2023)
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The India-Oman economic partnership advances with the announcement of the third tranche of the Joint Investment Fund (JIF) worth $300 million, boosting trade and capital cooperation.
Foreign Secretary Vinay Kwatra, during a special briefing at the Ministry of External Affairs on Saturday, said ongoing recent bilateral talks between India and Oman have resulted in the announcement of the third tranche of the Oman-India Joint Investment Fund.
"An important achievement in terms of India-Oman trade and capital cooperation was the announcement of the third tranche of the Oman-India Joint Investment Fund," Vinay Kwatra said.
The Oman-India JIF, a 50-50 partnership 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, Kwatra said.
This fund will be worth $300 million (approximately INR 25 billion), he added.
The two previous tranches of the fund, worth $100 million and $200 million, have paved the way for a powerful economic alliance.
#India and #Oman are partners for maritime security in the western Indian Ocean. Both sides enjoy robust and multidimensional defence engagement. Oman is also host to a large Indian diaspora: Foreign Secretary Vinay Kwatra on Oman's Sultan Haitham Bin Tarik's India visit pic.twitter.com/pLJEIaJlkW
— All India Radio News (@airnewsalerts) December 16, 2023
Indian Prime Minister Narendra Modi and Omani Sultan Haitham Bin Tarik held fruitful talks at Hyderabad House in New Delhi earlier on Saturday, focusing on their strong bilateral relations and exploring opportunities for collaboration in trade, investment, defense, and energy cooperation.
Under the new 'India-Oman joint vision, a partnership for the future,' the two leaders agreed to collaborate in ten distinct areas.
The talks were "Giving a boost to India-Oman Strategic Partnership", External Affairs Ministry Spokesperson Arindam Bagchi posted on X (formerly Twitter) adding that the leaders reviewed bilateral relationship covering the areas of political, security, defence, trade, economic, cultural and people-to-people ties.
They expressed satisfaction with the existing partnership and reaffirmed their commitment to strengthen ties between India and Oman for the benefit of both nations.
The two leaders also discussed regional and international issues of common concern, and agreed to work together closely to address shared challenges and advance mutual priorities.
PM Modi's address during his meeting with Oman's Sultan:
— Sidhant Sibal (@sidhant) December 16, 2023
-Maritime, Historic connect
-India Oman joint vision partnership for future to be adopted, with 10 pillars being the focus
-2 rounds of CEPA trade talks have concluded
-Diaspora connect
-India's invite to Oman for G20 pic.twitter.com/pHxRZng2Gn
The Sultan of Oman made his first official visit to India as the top leader of the Gulf nation, arriving in Delhi on Friday.
After receiving a warm ceremonial reception and a guard of honour by the combined defence services, the Sultan of Oman was welcomed by PM Modi and President Droupadi Murmu at New Delhi's Rashtrapati Bhavan.
LIVE: President Droupadi Murmu accorded a ceremonial welcome to His Majesty Sultan Haitham Bin Tarik of Oman at Rashtrapati Bhavan https://t.co/iezCHGt6wi
— President of India (@rashtrapatibhvn) December 16, 2023
