Piyush Goyal: To examine measures to strengthen economic collaboration between India and Oman, Union Minister of Commerce and Industry Piyush Goyal met with Oman’s Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef.

Piyush Goyal described the exchange as fruitful, saying that both parties spoke about the robust trade and investment ties between Oman and India as well as the enormous potential to further this connection.

He pointed out that Prime Minister Narendra Modi and Sultan Haitham bin Tarik are leading the two nations’ expanding economic cooperation.

“Held a productive meeting with H.E. Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion,” Goyal said on social media. We spoke about the close economic and investment links between India and Oman, as well as the enormous potential to deepen these relations. Anticipating our meeting with our leaders tomorrow to transform our cultural connections into a new phase of closer economic collaboration that will benefit both of our countries much more.”

Following trips to Ethiopia and Jordan, Prime Minister Narendra Modi landed in Oman on Wednesday for the last part of his four-day, three-nation tour. Sultan Haitham bin Tarik has invited PM Modi to visit Oman.

It is anticipated that Prime Minister Modi and Sultan Haitham bin Tarik would address enhancing the Strategic Partnership and growing collaboration in the business and economic domains during the visit.

The fact that India and Oman are commemorating 70 years of diplomatic ties makes the visit much more noteworthy. It comes after Sultan Haitham bin Tarik’s December 2023 state visit to India. He is in the Gulf country for the second time.

Strong and expanding commercial links exist between Oman and India. In FY 2024–2025, bilateral trade reached USD 10.613 billion, up from USD 8.947 billion in FY 2023–2024. With the help of several joint ventures, the two nations’ investment ties have also remained strong.

More than 6,000 collaborative businesses between India and Oman are active in Oman. Oman has received USD 675 million in total outbound direct investment from India. In the meanwhile, Oman has contributed USD 610.08 million in FDI equity to India between April 2000 and March 2025.

Oman continues to benefit from the trade balance. The trade balance was USD 2.48 billion in FY 2024-25, down from USD 94.37 million in FY 2023-24. While exports from India to Oman decreased by 8.1% in FY 2024–2025, imports from Oman increased by 44.8%.

Building on these solid economic foundations, the talks between the two countries seek to increase trade, investment, and business collaboration between Oman and India.