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India, Oman to promote ties

Dubai: India and Oman will soon sign two pacts on promoting cultural and tourism ties, according to Indian Ambassador to Muscat, Anil Wadhwa.

He hoped that the Memoranda of Understanding would be a key factor in further strengthening the relations between the two countries.

Addressing a gathering on the occasion of Republic Day in Muscat on Saturday, Mr. Wadhwa spoke about the bilateral relations over the past year and the future roadmap for the further growth of ties in the coming year.

The bilateral trade registered an impressive 43 per cent growth and reached an estimated $ 1.3 billion at the end of the year 2007.

Indian companies secured hydrocarbon and mineral concessions and a consortium, comprising an Omani company, won exploration contracts for three hydrocarbon blocks in India.

Indian construction companies bagged contracts worth $ 684 million.

The Oman Chemical and Pharmaceutical Company lined up $ 15 million investment for setting up a pharmaceutical manufacturing plant in India. Many Indian companies have significant presence in Oman.

Mr. Wadhwa expressed the hope that the year 2008 will witness further strengthening of bilateral trade and investment.

While both countries had identified certain sectors such as tourism and hospitality, IT, education and training as priority areas for cooperation, there was immense potential for cooperation in many other new areas such as science and technology and research and development. — PTI

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