Oman and India Strengthen Economic Ties through Joint Investment Ventures

Oman and India Strengthen Economic Ties through Joint Investment Ventures Image/ANI

VoM News Desk | December 17, 2023 | 12:37 PM IST | Oman | Follow on Google News

Oman and India Strengthen Economic Ties through Joint Investment Ventures Image/ANI

Oman and India Strengthen Economic Ties through Joint Investment Ventures

Abdulsalam Mohammed Al Murshidi, Chairman of the Oman Investment Authority (OIA), emphasized the significant progress marked by the establishment of the third Oman-India Joint Investment Fund. This move builds upon the success achieved through the previous two joint funds, facilitating lucrative investments across multiple sectors.

The ventures under the joint funds have yielded favorable returns, particularly in banking, financial services, medical care, pharmacology, industrial technologies, automobiles, information technology, commodities, defense, aerospace, mining, and the retail sector. This announcement during the State Visit of Sultan Haitham bin Tarik to India highlights the milestone in trade and capital cooperation between Oman and India.

Foreign Secretary Vinay Kwatra highlighted the significance of this achievement, stressing the strategic economic cooperation between the two nations. The Oman-India Joint Investment Fund, a collaborative effort between the State Bank of India and the Oman Investment Authority, aims to bolster economic ties by channeling investments into India’s rapidly growing sectors.

Kwatra outlined the fund’s value, amounting to USD 300 million, with a 50-50 partnership between the State Bank of India and the Oman Investment Authority. This funding is set to target sectors like technology, healthcare, banking services, industries, and consumer services, aligned with India’s fastest-growing economic domains.

According to Al Murshidi, the anticipated growth rate of the Indian economy in 2023 and 2024 is estimated at 6.3%. The third investment fund, with an initial volume of USD 300 million, emphasizes long-term capital increase and focuses on investing in companies with robust governance, sustainable competitive advantages, and an effective exit strategy.

The OIA initiated the first Omani-Indian Joint Investment Fund in 2011, worth USD 100 million, in partnership with the State Bank of India. Subsequently, in 2017, they established a USD 230 million fund concentrating on medium-sized companies in the Indian market. Additionally, the OIA engages in direct investments in India, expanding beyond the joint investment funds’ framework.

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