Oman’s Minister of Commerce, Industry, and Investment Promotion, HE Qais Mohammed Al Yousef, extended a strategic invitation to top Indian jewellers during a high-profile meeting in Mumbai, urging them to consider Oman as a prime location for establishing their manufacturing hubs. This engagement is part of broader efforts to enhance bilateral trade and investment opportunities between India and Oman.

The meeting, organized in collaboration with the India Gems and Jewellery Council, aimed to showcase the extensive opportunities available in Oman, particularly in the jewellery sector. Minister Al Yousef highlighted Oman’s competitive advantages across various industries, emphasizing the country's strategic location, robust infrastructure, and favourable trade agreements, including ongoing negotiations for the India-Oman Comprehensive Economic Partnership Agreement (CEPA).

“Oman’s unique geographical position, with world-class ports like Duqm, Sohar, and Salalah near major shipping lanes, coupled with a strong road network, makes it an ideal hub for manufacturing and exports,” said Minister Al Yousef. He further explained that Oman’s free trade agreements with Gulf Cooperation Council (GCC) nations, Singapore, Switzerland, and Pakistan, along with streamlined customs procedures, provide Indian jewellers with easy access to broader markets.

Minister Al Yousef also underscored Oman’s commitment to fostering a business-friendly environment. “The process of establishing a company in Oman has been simplified, allowing for remote setup without the need for physical presence. Additionally, we offer tax-free zones, industrial estates, and a residency program for foreign investors,” he added.

Addressing concerns about the 35% in-country value addition requirement for products, which some participants found challenging given the lower thresholds for gold exports, Minister Al Yousef assured that the matter would be reviewed to accommodate industry needs.

The minister invited Indian jewellers to visit Oman’s industrial zones and explore investment opportunities firsthand, noting that raw materials can be imported duty-free for export-oriented factories. He also highlighted the gradual and negotiable Omanisation policy, which aims for a workforce composition of 30-35% local employees over time.

The meeting also featured insights from other Omani officials, including Mariya Al Hashar, Tourism Sector Lead at the Oman National Programme for Private Sector and Foreign Trade (Nazdaher), and Abdullah Al Rawahi, Section Head of Industry Analysis and Evaluation at the Ministry of Commerce, Industry, and Investment Promotion.

This outreach marks a significant step in strengthening economic ties between India and Oman, with the potential to position Oman as a key manufacturing base for the Indian jewellery industry.