Oman’s most modern free trade zone, Zone Sohar, is bullish on investments from Indian companies and is aiming to attract around $250 million worth of investments in the next two years from India out of the total of $450 million worth of total investments it expects.
With bilateral trade between India and Oman touching $5.2 billion in 2010-11 and with over 1,527 Omani-India joint ventures across 13 socio-economic sectors; Zone Sohar CEO Neelima Vyas said she was confident that the strong business ties between the two countries would generate active interest among Indian companies to invest in the Sohar free trade zone.
A large number of Indian companies, including Jindal Steel & Power, Larsen & Toubro, Tata Minerals, Indsil, Metkore, Cabrol and Sunpetrochem already have a significant presence in Sohar and several others, including Parthfoils are in the process of setting up their shop there. The free trade zone has already received investments from India worth $125 million. Free Zone Sohar is focussed on core sectors, including metals and minerals, oil and gas, logistics, light manufacturing, chemicals and food processing.
Ms. Vyas said Indian companies were increasingly looking at supplying their products to all possible geographies.
