In a significant boost to bilateral economic ties, major Indian corporate giants Jindal Steel and Power Limited (JSPL) and dairy cooperative Amul are poised to be among the first investors from India to capitalize on the newly strengthened partnership with Oman. This move follows the recent conclusion of a trade agreement between the two nations, which promises to unlock substantial employment opportunities for the Indian workforce in the Gulf state.
Trade Deal to be Operational Within Three Months
Commerce and Industry Minister Piyush Goyal provided key insights into the rapid progress of the pact, stating that the trade agreement is likely to be operationalised within the next three months. This swift implementation is expected to fast-track investments and create a favorable ecosystem for businesses from both countries.
Minister Goyal revealed that an Omani dairy company has already expressed strong interest in forming a joint venture with India's iconic Amul. He also mentioned extending invitations to Omani companies and the nation's Sovereign Wealth Fund to explore investment opportunities within India, highlighting the reciprocal nature of the growing partnership.
Exclusive Job Assurance for Indian Workforce
A standout feature of this bilateral understanding is a specific assurance on employment. Minister Goyal elaborated that Omani authorities have committed that Indian companies investing in Oman will have the flexibility to hire a predominantly Indian workforce.
"They have given us an assurance that wherever Indians are investing in Oman, they will allow, other than Omani residents, 100% Indian employees," Goyal explained. He clarified that while some positions will be filled by Omani nationals, the remainder can all be from India. This means Indian investors will not be obligated to hire a diverse mix of nationalities and can primarily rely on Indian talent, ensuring that Indian investments abroad directly generate jobs for its people.
Marble Export Ban Lifted, Boosting Indian Processing
In another key development stemming from the trade negotiations, Oman has, for the first time, lifted its longstanding ban on the export of marble slabs. This strategic decision is set to benefit India's stone processing industry significantly.
The raw marble slabs will now be exported to India for value-added processing. This initiative is expected to create numerous jobs within the Indian manufacturing sector while simultaneously reducing the country's dependence on marble imports from other nations like Türkiye, as noted by Minister Goyal.
The combined effect of these measures—direct investments by companies like Naveen Jindal's JSPL and Amul, the unique employment guarantee, and new trade flows in commodities like marble—paints a promising picture for India-Oman economic relations. It positions the trade deal as a concrete mechanism for fostering outward investment and securing livelihoods for Indian professionals and workers abroad.
