Brief on India-Oman Economic and Commercial Relations

The economic and commercial relations between India and Oman are robust and buoyant. Bilateral trade during FY 2023-2024 reached US$ 8.947 billion and for the FY 2024-25 reached 10.613 US$ billion. Bilateral investment flows have been robust, as reflected in numerous joint ventures, established both in India and Oman. There are over 6,000 India-Oman joint ventures present in Oman. The cumulative outward direct investment from India to Oman stands at US$ 675 Million. The cumulative FDI equity inflow from Oman to India during April 2000 to March 2025 is US$ 610.08 million. The total trade balance continues to favor Oman, with a figure of US$ 2.48 billion in FY 2024-25, compared to US$ 94.37 million in FY 2023-24. While imports from Oman surged by 44.8%, exports to Oman declined by 8.1% during FY 2024-25.

(All figures in US$ million. Source: DoC, India)

11th Session of the India-Oman Joint Commission Meeting (JCM)

Union Minister of Commerce and Industry, Shri Piyush Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting (JCM) with H.E. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of Sultanate of Oman on 28th January 2025 in Muscat. The discussions were held in a cordial and constructive atmosphere, reflecting the strong and enduring ties between the Sultanate of Oman and the Republic of India. These discussions covered a wide range of areas, including review of bilateral trade and investment, Tariff/Non-Tariff related issues, CEPA, cooperation in mining, energy (including renewable energy, Green Ammonia, and Green Hydrogen), Banking and Digital payments, health and pharmaceuticals, Financial intelligence, Heritage and Tourism, Agriculture and food security, Telecom and IT , MSMEs and other sectors of mutual interest

India-Oman Bilateral Trade

Oman ranks as India’s 28th largest trading partner in FY 2024–25, with a total bilateral trade value of US$ 10.61 billion. It is also India’s 25th largest source of imports during the same period. India, in turn, remains among Oman’s top trading partners, emerging as the 4th largest source of Oman’s non-oil imports after Kuwait, China and UAE and the 3rd largest destination for Omani non-oil exports, followed by Saudi Arabia and UAE. Beyond India, Oman’s key trading partners in 2024 include the UAE, Saudi Arabia, South Korea, China, and the United States—countries that also feature prominently in Oman’s import profile, alongside Kuwait.

In 2024, India’s principal exports to Oman comprised a diverse range of products reflecting both industrial and consumer demand. The key export items included light oils and preparations, aluminum oxide (other than artificial corundum), and rice, along with boilers, machinery and mechanical appliances and their parts. India also exported airplanes and other aircraft and spacecraft, electrical machinery and equipment and their components, as well as beauty and make-up preparations, plastics and articles thereof, iron and steel, and ceramic products. These categories underline the strong industrial linkage and the growing diversification of India’s export basket to Oman. 

India’s imports from Oman were dominated by energy and industrial inputs, underscoring the synergy of the two economies. The principal import items included crude petroleum oil and liquefied natural gas (LNG), which together account for a significant portion of the bilateral trade value. Other major imports comprised urea (including fertilizer grade), organic chemicals, anhydrous ammonia, and sulphur. India also imported earth and stone, plastering materials, lime, plastics in primary forms, airplanes and other aircraft, and iron ores and concentrates (non-agglomerated). These items highlight Oman’s role as a key supplier of energy resources, fertilizers, and industrial raw materials to India.

Bilateral trade, import/export and annual growth (last 05 financial years)

India-Oman Bilateral Investment

According to data from the Department for Promotion of Industry and Internal Trade (DPIIT) (formerly DIPP), the cumulative FDI inflows from Oman to India stood at US$ 605 million (INR 3,399.43 crore) during FY 2024–2025. In comparison, during FY 2023–2024, the cumulative FDI inflows from Oman were slightly lower, reflecting stable and sustained investment interest from Omani entities in India’s industrial and infrastructure sectors. The continued FDI flow demonstrates Oman’s long-term confidence in India’s economic fundamentals and the expanding scope of bilateral investment cooperation.

Investment cooperation between India and Oman remains strong and multifaceted, reflecting deep economic engagement between the two nations. There are an estimated over 6,000 India–Oman joint ventures operating in Oman. 

Indian enterprises have made significant investments in Oman across a wide range of sectors, including iron and steel, cement, fertilizers, textiles, cables, chemicals, and automotive industries. This dynamic cross-investment landscape underscores the growing strategic and commercial partnership between the two economies. The major Indian companies who have investments in Oman include JSW Group, Larsen & Toubro, TVS,   Dev Salt, Kaynes Semicon, Tata Consultancy Services (TCS), GFCL Electric Power (Anox GFCL Group), ACME India Ltd, Jindal Shadeed Iron and Steel LLC (JSIS), Mahakali Udyog Nurani LLC, Asia Plates Steel LLC, UltraTech Cement Ltd, Tata Steel Mining LLC, Madhav Surfaces, Oswal Group, Hind Aluminium, Kailash Group, Nagarjuna Fertilizer plant,  Future Bio Organics, Deepak Nitrate, Petiva Sugar factory etc.

Oman's Investment in India

Since April 2000, India has received a cumulative Foreign Direct Investment (FDI) equity inflow of US$ 605.57 million from Oman. The Oman-India Joint Investment Fund (OIJIF) is a key vehicle for investment, with a total committed capital of US$600 million across three tranches. This has facilitated major joint ventures like the Oman India Fertilizer Company (OMIFCO), a US$ 969 million project that exports a significant amount of urea to India. Additionally, the Oman Ministry of Transport, Communications and Information Technology (MTCIT) has partnered with Kaynes Technology India to establish Oman's first overseas VLSI chip design center in Muscat.

Several Indian firms have set up manufacturing units in Oman as joint ventures or in Special Economic Zones in various sectors like green hydrogen, green ammonia, green steel, construction and engineering, waste management, logistics, manufacturing, finance and capital, software solutions, communications, oil and gas etc.

Trade and investment promotion activities:

• Indian business delegations, coordinated by various Indian Chambers, regularly visit Oman to participate in trade exhibitions like Project Oman, Infra Oman, COMEX,Oman Health Exhibition & Conference, Oman Food & Hospitality Exhibition, Mineral and Mining Exhibition, Oil and Gas West Asia etc. Similarly, Omani business delegations also visited India to participate in exhibitions related to sectors like Health, Food, Ceramics, IT and Electronics, etc. To facilitate interactions and tie-ups between business communities of India and Oman, Indian Embassy regularly organizes various sector–specific Business-to-Business Meetings. 

• The Embassy took a unique initiative called ION 2025 India-Oman Networking track 1.5 organising virtual conference on 11 & 12 Aug 2025 covering sectors like Trade and Investment, SEZs (including logistics, connectivity), Maritime including Fisheries, Mining & minerals, Oil & Gas, Agriculture & food processing (including Millets, horticulture), Technology (including Drones, AI, Cyber security), Manufacturing (including SMEs), Banking and Finance, Digital (including cross border payments), Energy (renewables, energy security),Space for development, Education, Health & Tourism, Defence trade.

• The Mission organized a B2B interaction on 22nd September, 2025 on the health sector, bringing together leading stakeholders from India. The B2B served as a platform to connect Indian hospitals, healthcare providers, pharmaceutical companies, and medical technology firms with local organizations, investors, and healthcare professionals.

• The Embassy in association with Oman Health Exhibition & Conference (OHEC) celebrated AYURVEDA DAY 2025 on 23rd Sep 2025 under the ambit of India-Oman Network (Track 1.5 public diplomacy initiative). The day long hybrid event witnessed wide participation from India and Oman with distinguished medical professionals and scholars sharing insights on diverse themes of Ayurveda and ideas for promoting Oman as a central hub for Ayurveda in Middle East.

• A series of India-Oman Network  (ION) track 1.5 hybrid conference is organized by the Embassy from 11-13 November 2025 on such diverse subjects as: Logistics; Oil and gas, energy security; Housing and Urban Affairs, construction and engineering; Manufacturing, SMEs; Pharmaceuticals, healthcare, Nursing and healthcare professionals; Traditional medicine; Space, Technology, AI, Cyber Security; ICT, UPI, Banking, Finance, eMuseum; Agriculture and food security; Fisheries; Mining and Minerals; Automobiles / vehicles / cars; Tourism, Hotels / resorts/ Infotainment; Gems and jewelry; Education.

December 2025