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Oman, India bilateral trade set to grow amid recovery in commodity prices

Oman, India bilateral trade set to grow amid recovery in commodity prices

 

MUSCAT: A robust growth in bilateral trade between Oman and India is expected this financial year (2017-2018), following a recovery in commodity prices.

“There was a 6 per cent growth in two-way trade between Oman and India last financial year, which reached $4 billion. We hope that this will continue to grow at the same level,” said Indramani Pandey, India’s ambassador to the Sultanate, while talking to Times of Oman, on the sidelines of an inter-active meeting between an Indian trade delegation and their Omani counterparts.

Unlike Oman and other Gulf countries, India follows April-March as the country’s financial year. Pandey said that the two-way trade between the two friendly countries touched $5.78 billion in 2013-2014. However, the trade value declined in the following two years due to a severe decline in commodity prices, including fertilizer and petrochemical prices. Fertiliser constitutes a sizable share of India’s imports from the Sultanate, thanks to the Oman India fertilizer Company.

“However, now the trade is growing once again (in view of a recovery in commodity prices). We will continue our efforts to strengthen trade between the two countries. Also, we are trying to promote more business interaction, which will enhance bilateral trade.”