PM Modi Oman Visit: Business Leaders Eye $20B Trade, Green Steel Boom

Indian business leaders and industry chamber representatives have underscored the growing depth of India-Oman economic relations and highlighted significant future opportunities across sectors as Prime Minister Narendra Modi visits Oman. 

Naveen Jindal, Chairman of Jindal Steel, said the Prime Minister's visit has generated widespread enthusiasm in Oman. "This is very big thing that India's Prime Minister Narendra Modi is coming to Oman. And here in Oman, people are very happy. Not only the Indians are happy about this but Omani people are very inspired by Omani people also to want to listen to him," Jindal told ANI.

Referring to bilateral trade, Jindal noted, "The trade between our countries is USD 10 billion dollars today. So I think that in the coming time, it can be doubled, benefiting both countries."

He highlighted India's strengths across multiple sectors, saying, "Today India is a very big manufacturing base and India is very close. So in every area, we talk about Indian manufacturing sector, Indian auto sector, Indian IT sector, then whatever is Indian agriculture sector, because Indian rice, Basmati rice is very popular."

Jindal also spoke about cultural ties, saying, "People here are very influenced by Indian cinema. If you talk with the people here, all the popular actors, our old actors, they know all, them all."

On Jindal Steel's presence in Oman, he said, "Fifteen years ago we entered India. We have invested here more than USD 3 billion dollars in Oman, which will going ahead increase to USD 7-8 billion dollars."
He added, "We produce about 3.25 million tons steel in Oman, which has helped Oman become steel independent, and also exporting." Looking ahead, Jindal said, "We want to double our steel capacity here, including green steel. So, all in all, there are many possibilities in Oman."

Sangita Reddy, Joint Managing Director, Apollo Hospitals Group, talking to ANI, highlighted the role of trade agreements in boosting market access. "So continuous trade agreements will enhance the market access for Indian manufacturers, and Indian business people," she said. She also noted the presence of a large Indian business delegation accompanying Commerce and Industry Minister Piyush Goyal and said, "Tomorrow, everybody is very excited that the honorable prime minister will also be here in continuation of his trip from Jordan to Muscat." Reddy described India-Oman ties as long-standing and positive.

"The primary relationship with India is a long, very successful and positive one," she said, adding that "approximately 70 per cent of the trade is in oil."

Referring to Oman's diversification plans, she said, "Oman's 2040 vision is to expand its base, create manufacturing base in India, also create manufacturing base in Oman, and look at Indian business people and manufacturers to have their shops in this country."

She also highlighted healthcare cooperation. "From Apollo hospitals, we have received patients from Oman for many years," Reddy said. "So the Heal in India mission has been going on for more than 20 years with Oman." She added that Oman is now seeking deeper collaboration, including invitations "to set up diagnostic capabilities in advanced diagnostics including uh mRNA, biomarkers, genetic testing, all of which India has capability and we are exploring these possibilities."

R Mukundan, MD and CEO of Tata Chemicals Limited, said, "I think India and Oman have shared a very, very friendly relationship, very positive business relationship." He said bilateral trade of approximately USD 10 billion is growing at "19%, 20 % year on year."

Mukundan noted Oman's strategic importance, calling it "a staging post for what I would call Southeast Asia, South Asia, East Africa corridor, especially with ports like Duqm, Salalah, Sohar." He added, "Tata's are very much part of the ecosystem here," citing services through TCS, trading relationships and project implementation. "We would continue to expand," Mukundan said.

From an industry chamber perspective, Pankaj Chadha, Chairman, Engineering Export Promotion Council of India, said, "The benefit from CEPA is that our export to is around 4 billion dollars, which about 900 million, 1 billion is for engineering." He added, "We think that if India FTA then our share of exports will increase."

Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), said, “Overall, GCC is a big market. To explore it, we are collaborating with each other's industries.”Sanjay Nayar, past President, Assocham, said, "I think it's a great initiative that started in 2023. So finally it's good to see it being concluded tomorrow."

He added that trade between India and Oman "is about $10 billion" and said, "I think it can easily triple, if not quadruple." He emphasized the need to attract Omani investment into India, citing India's "very predictable government policies now" and "a thriving capital market."

Nirmal K. Minda, President, Assocham and MD Minda Industries identified priority sectors, saying, "The biggest sector is energy. They also have nuclear power. We have to work together. The second is the logistics sector. And third is tourism, and it has huge potential."

Ahead of the visit, the Ministry of External Affairs said Prime Minister Modi will visit Oman at the invitation of Sultan Haitham bin Tarik, coinciding with the 70th anniversary of diplomatic relations.

The MEA said bilateral trade for 2024-2025 stood at USD 10.61 billion and highlighted cooperation across trade, defence, maritime security, energy, health and technology. The Prime Minister is expected to hold comprehensive talks, address business leaders and the Indian community, and oversee the signing of several agreements during the visit.