Minister of State for External Affairs Shashi Tharoor has asked the businesses in Oman to make best use of the “huge investment opportunity” available in India.
Addressing the Omani Indian Joint Business Council at the OCCI on Monday, Mr. Tharoor said that a $1.5 billion Oman-India Joint Investment Fund has almost been finalised.
“We are just at a point of clinching it. Once it is approved it will give a great boost to the existing bilateral investment relationship between our countries,” he said.
He asked the businessman of Oman to invest in India as “Return of investment on an enduring basis is far more higher in India than anywhere else. The World Bank has projected an 8 per cent growth for India in 2010, which will make it the fastest-growing economy.”
Mr. Tharoor said that negotiations are on for the India-GCC Free Trade Agreement. “It is making progress. India is keen to establish a GCC-India free trade area,” he was quoted as saying by Times of Oman.
Expressing his happiness over the trends that bilateral trade between the two countries was likely to touch $2.5 billion soon, he said “this is a shining example of mutual cooperation.”
Stressing that Oman is a strategic partner, he said, “We see many things much the same way. There is no incompatibility whatsoever.”
Describing his meetings with the deputy prime minister and other ministers in the government of Oman as fruitful, Mr. Tharoor said, “Oman-India ties poised to reach greater heights “We are hoping to close many memorandums in sector tourism, technology education and even medical tourism.”