In a major development, India and Oman have strengthened their economic ties through the announcement of the third tranche of the Oman-India Joint Investment Fund. This announcement, made during the State Visit of Sultan Haitham bin Tarik to India, is a significant milestone in the trade and capital cooperation between the two nations.
Foreign Secretary Vinay Kwatra, during a special briefing at the Ministry of External Affairs, highlighted the importance of this achievement.
In response to a query, FS Kwatra explained that the Oman-India Joint Investment Fund, a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, is a key player in enhancing economic relations. He stated that the fund, valued at 300 million dollars (approximately 2500 crores), aims to channel investments into the fastest-growing sectors of the Indian economy.
Kwatra also provided context by mentioning the earlier two tranches of the fund, valued at 100 million and 200 million dollars, respectively. These tranches played a pivotal role in laying the groundwork for a robust economic alliance between the two nations. The third tranche, valued at 300 million dollars, underscores the commitment to strengthening economic bonds further.
How does it help to strengthen relations between the two countries?
The Oman-India Joint Investment Fund not only represents a substantial financial commitment but also solidifies the long-term vision of both nations. Beyond mere numbers, this move symbolizes a dedication to fostering growth and collaboration. It sets the stage for deeper economic and cultural ties between India and Oman, marking a positive trajectory in their bilateral relationship.