Embassy of India, Muscat, organized 3rd ‘Invest in India’ Seminar at Sheraton Oman Hotel in Muscat on 07 December 2016. The Seminar highlighted the attractive investment opportunities in India. Three presentations on ‘Investment opportunities in India’, ‘India’s attractiveness as an investment destination’ and ‘India’s taxation policies and ease of doing Business in India’, showcased to over 250 Omani businessmen, Government Officials and others, the immense opportunities for investment available in India. H.E. Sayyid Khalid al Busaidi, Chairman, Al Nab’a Group, shared his experiences of doing business with India and explained how the business opportunities offered by India has been benefitting Oman.
The seminar was graced with the presence of H.E. Eng Ahmed Bin Hassan Al Dheeb, Undersecretary, Ministry of Commerce and Industry; H.E. Abdulsalam bin Mohammed Al Murshidi, Executive President, State General Reserve Fund (SGRF); H.E. Sulaiman Al Rahbi, Deputy Secretary General, Supreme Council of Planning; and H.E. Redha Juma Al Saleh, Vice Chairman, Oman Chamber of Commerce and Industry (OCCI). Over 250 representatives of public sector organizations, investment funds, banks, business enterprises and institutions in Oman attended the Seminar.
H.E. Indra Mani Pandey, Ambassador of India to the Sultanate of Oman, in his welcome remarks, conveyed India’s keenness to bilateral trade and investment relations with Oman. He explained how the economy of India has been transformed to become the fastest growing major economy of the world and a preferred investment destination for the world business community. With recent improvements in ease of doing business, India has been receiving a record amount of foreign direct investment (FDI)- US$ 44 billion during April 2015-March 2016, and US$ 29 during April-September 2016.
Ambassador drew attention to the decline in bilateral trade between India and Oman from US$ 5.7 billion during the year ending March 2014 to US$ 3.8 during the year ending Mach 2016, and invited business communities of India and Oman to expand their mutual trade and investments. He underlined that India, as always, is keen to work with the Government and business community of Oman to achieve the goal of diversification of Oman’s economy, with focus on sectors identified through Tanfeedh.
Ambassador also announced that the Government of India has launched a new scheme for grant of permanent residency status to foreign investors valid for 10 years and extendable for another 10 years. Apart from free entry and no restrictions on the duration of stay, foreign investors are allowed to purchase one residential property in India for residential purposes. The spouses and dependents of investors will be allowed to work or study in India. The only requirement is to invest INR 100 million (RO 571,000) within 18 months or INR 250 million (RO 1.43 million) in 36 months, and create 20 jobs for Indians every year. With a view to promote visits by Omani businessmen to India, the Embassy of India has streamlined business visa processes and issues multiple entry visas with a minimum six month validity. For high-level Management of Omani companies, the Embassy is issuing visas valid for one to five years.
‘Invest India’, (www.investindia.gov.in) the official agency of the Government of India, facilitates investments into India and provides complete handholding for foreign investors. Embassy of India has been facilitating development of business between the two countries through providing information and guiding Indian and Omani companies. For more details on doing business with India, the Embassy can be contacted at com[dot]muscat[at]mea[dot]gov[dot]in.
