Prime Minister Narendra Modi and Oman’s Sultan Haitham bin Tarik on Saturday adopted a vision document to strengthen bilateral ties and also pushed for sealing a comprehensive economic partnership agreement. They also discussed the situation arising out of the Hamas-Israel war.
The two sides also announced the third tranche of Oman-India investment fund worth USD 300 million (around Rs 2,500 crore) that would be used for channelising investment into the fastest growing sectors of the Indian economy. The fund was started as a 50:50 joint venture between the SBI and the Oman investment authority, with the first tranche of USD 100 million followed by USD 200 million.
Describing the talks between Modi and the visiting leader as “comprehensive and constructive”, Foreign Secretary Vinay Kwatra said India and Oman also signed agreements on cooperation in the field of information technology, combating financial crimes, culture, and the establishment of a Hindi chair of the Indian Council of Cultural Relations in Oman.
0After the bilateral talks, Modi said: “Today is a historic day in India-Oman relations as the Sultan of Oman is on a state visit to India after 26 years…on the basis of our successful engagements, we are creating a path of bright future today.”
Referring to the vision document, he said, “In this joint vision, concrete action points have been agreed upon in 10 different areas. I am confident that it will give a new and modern shape to our partnership.”
Saying that the comprehensive economic partnership agreement (CEPA) will add a new dimension to economic ties, Modi expressed hope that both sides will soon be able to sign the pact. “I am happy that the discussion on the CEPA agreement is going on and two rounds of discussion have been successfully completed where many important issues have been agreed upon,” he said.
The Sultan of Oman arrived in Delhi on a state visit Friday, his first trip to India as the leader of the influential Gulf nation.
The India-Oman vision document is broadly rooted in Oman’s ‘Vision 2040’, its national development blueprint, and India’s development vision of ‘Amritkaal’.
According to Kwatra, it focuses on building a partnership in 8 to 10 areas including maritime cooperation and connectivity, digital payments, space, green energy, tourism, agriculture, food security and cricket. The cooperation in clean energy will also focus on green hydrogen.
There was also a discussion on the possibility of Oman utilising India’s digital payment system UPI with a corresponding Omani platform, besides an exchange of views on trade in Rupee.
Kwatra said the challenges arising out of the conflict in Gaza were definitely an important element of discussions. He said: “There was a shared appreciation of the continuing challenge that both countries face from the emerging multiple dimensions of the conflict, including the catastrophic humanitarian situation which is there.”
He said the challenge of terrorism and the larger need to try and achieve a two-state solution as a way forward was discussed. “With regard to the situation there, it was discussed and both leaders exchanged in detail their perspective of the situation there,” he said.
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