Oman and India to Launch Joint Investment Fund

Oman has a long tradition of fostering mutual cooperation and trade with its neighbors, and in recent years has taken major steps to further integrate the Omani economy into the global economy, such as joining the World Trade Organization and entering into bilateral free trade agreements with the United States and with Singapore.

This month the Sultanate unveiled a new initiative to further its policy of economic integration, signing an agreement to set up a US$100 million joint investment fund with India.  The State General Reserve of Oman and the State Bank of India each shall contribute half of the investment fund’s capital.  The fund will be used to finance projects in a variety of sectors, including tourism, healthcare, telecommunications and general infrastructure projects in both countries.

The signing of this agreement marks an important milestone for the Sultanate, and even could offer a glimpse into the future, showing that not only trade but also direct investment increasingly may be conducted through international arrangements.