Oman today sought investments from Indian businesses in its sectors such as transportation, manufacturing and healthcare to further boost economic ties between the countries.
Oman's Commerce and Industry Minister Ali bin Masoud Al Sunaidy, who is leading a large business delegation here, said that his country offers huge investment incentives.
"There are no restrictions on the repatriation of capital or profits, up to 10 year exemption of corporate tax. I should mention that there is no personal income tax in Oman," he said here at a function in Ficci.
He said that Oman has historically depended on oil, gas, and mineral resources, but now diversification is a high priority and there are many investment opportunities for Indian companies in non-hydrocarbon sectors.
"There are four in particular - transportation, manufacturing, information and communication technologies, and healthcare - that we believe play to the comparative advantages and strengths of both our nations," he said.
There were over 1,500 Indo-Omani joint ventures and 140 Indian companies operating in Oman.
Estimates for the last year indicate that Indian companies have secured contracts worth USD 1.25 billion, he added.
The Minister said Indian technology and skilled professional expertise would help Oman's transition from hydrocarbon-based economy to a knowledge-based economy.
Omani foreign direct investment into India has increased USD 24 million in 2005 to about USD 340 million in 2012. Similarly, Indian investment in Oman has grown over 7 per cent between 2008 and 2012, amounting to USD 652 million, he added.
"We are placing special emphasis on engaging leading Indian companies through Public-Private Partnerships to enable cost effective, timely and high-quality delivery of infrastructure projects in Oman," he said.
Speaking at the occasion, Ficci President Sidharth Birla said that the free economic zones in Oman can complement some of India's SEZs to boost trade and investments.
The bilateral trade between the countries stood at USD 5.76 billion in 2013-14.
