February 26, 2021
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Exploring potential
India-Oman geo-strategic engagements The Sultanate of Oman is a member of the Gulf Cooperation Council (GCC) and is well-known for its open market policies and an investor-friendly regime. Owing to its strategic location of being in the southeast coast of the Arabian Peninsula, the country has enjoyed a historical significance in global maritime trade since the ancient times. Oman has a rich maritime history with evidences in historical discourses dating back to the first century AD when Yalainous, the Roman historian is believed to have mentioned Omana, now Oman. It was known as the land of the Frankincense trade through its various sites across the Dhofar region. Oman also served as a gateway for the Indian and Chinese merchants who travelled on the ancient Silk Route to the European markets and to other parts of the Arab world. India’s relations with Oman have evolved over the centuries both in terms of geo-economic relations as well as for geo-economic ties. In recent years, India and Oman have witnessed a strengthening bilateral trade, increase in investment flows and a strategic cooperation based on mutual necessities. Oman’s export to India has increased from US$219 million in 2005 to US$1537 million in 2014; while its imports from India has seen a trajectory of growth from US$399 million to US$1266 million during the same period (see Figure 1). Moreover, the two countries have entered into bilateral agreements on several geo-economic
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