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The two sides sign seven agreements to boost cooperation in a range of areas, including extension of cross-border petroleum pipeline and boosting cooperation in hydroelectric power
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Ociped to study expansion of non-oil trade with India
MUSCAT — The Oman Centre for Investment Promotion and Export Development (Ociped) has announced the launch of a study aimed at expanding non-oil trade between Oman and India for which, it feels, there is considerable potential.
Trade between the two countries has been growing at a brisk pace, reaching RO624 million in 2009 from RO238 million in 2005. While Omani exports to India grew 27 per cent during the period, India’s exports to Oman rose by 28 per cent. “The study will build on this strong platform of existing trade relationships,” Faris Al Farsi, Acting Director-general of Export Development at Ociped, said.
The centre will unveil the outcome of the study at a seminar tilted ‘Exporting to India’ here on December 14.
Farsi noted that seven previous studies carried out by Ociped resulted in substantial increase in exports of non-oil Omani products to Yemen, Syria, Iran, Kenya, Tanzania, Sudan and Libya. “Ociped has approached the (current) study in a very scientific manner by focusing on critical elements based on lessons learnt from the seven previous country market studies,” he added. Farsi stressed the need to diversify the export basket by Omani businessmen, adding: “While Indian exports to Oman have been broad-based, Omani exports have been focused on a few large value items.” Fertiliser and oil accounted for 72 per cent of the value of exports from Oman to India last year, he noted. After more than 12 weeks of trade data analysis and engagement with exporters, Ociped and its consultants have finalised a list of 21 products for the study. These include chromium ores, ceramic tiles, marble and quartz stone, confectionary, dates, methanol, metal furniture, biscuits, condiments, vegetable oil, perfumes, security paper, limestone and steel tubes and pipes.
Farsi said the first phase of the study would be completed next month and would focus on detailed market mapping for the short-listed products “and sizing up the export potential for these products in the Indian market followed by seminars in Oman to share the results with exporters.”
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