Oman-India set up $100bn project investment fund

The investment fund will help develop Oman's economy and India's infrastructure. Photo: Getty.

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A $100m fund set up between government bodies in Oman and India is designed to increase trade and fuel construction projects between the two countries, says a leading official.

Oman is keen to diversify its interests from an economy that relies on the oil and gas industry, transforming it in to a modern, industrialised nation. India needs to develop its infrastructure and industry to support its growth path, Indian ambassador to Oman, has said.

The fund was set-up to provide investment capital for identified projects – and nine areas have been identified for bilateral trade and investment between the two countries: agriculture, healthcare, infrastructure, tourism, chemical and fertiliser, education, oil and gas, and power and mining.

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India’s GDP was $1.31trillion last year, and is expected to rise to $1.52trillion this financial year. Oman companies have an estimated $3billion invested in various business sectors in the country, while Indian companies have $4.52billion invested in operations in Oman.

It’s estimated that there are just over 1,527 Omani-Indian joint ventures totalling $7.53b, and that looks to rise with the establishment of the investment fund.