India and Oman held a high-level meeting to operationalise the USD 100-million India-Oman Joint Investment Fund.
India and Oman on Wednesday, held a high-level meeting to operationalise the USD 100-million India-Oman Joint Investment Fund to give a boost to infrastructure sector and chalk out a roadmap for strategic cooperation between the two countries.
The USD 100-million India-Oman Joint Investment Fund, which will eventually have a corpus of USD 1.5 billion, will be used for pumping in funds in projects in sectors like infrastructure, oil and gas and fertilisers.
The issues relating to the formation of a strategic partnership between the two countries were discussed at a meeting between deputy chairman of the Planning Commission Montek Singh Ahluwalia and visiting economic advisor to the Omani Government, Mohammed Zubair, an official of the Ministry of External Affairs said.
"We are having a business. Prime minister Dr Manmohan Singh had visited Oman. An Omani minister is arriving on Thursday, and I am leading the Indian delegation," the Planning Commission deputy chairman Montek Singh Ahluwalia said after a meeting with the Omani official.
India is likely to sign a free trade agreement (FTA) with the six-nation Gulf Cooperation Council (GCC), chaired by Oman.
Prime minister Manmohan Singh, on his maiden visit to the region in November 2008, had held discussions on the FTA with Oman. GCC comprises UAE, Saudi Arabia, Kuwait, Qatar and Bahrain besides Oman.
The official in the Ministry of External Affairs added that a group of officials including secretaries of different departments and representatives from private companies will meet to discuss the ways and means of enhancing the bilateral
relationships.
"L&T, BHEL, IFFCO and ONGC representatives will be participating in the meet while another round of meeting will be held in Oman in February," he said.
Earlier during the PM's visit to Oman the two nations had agreed to set up a special committee to identify follow-up actions and eliminate any delays in implementation of any decisions in economic sphere agreed upon.
The Fund will see the two nations chipping in with an equal amount to finance projects in various sectors.
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