Modi urges businesses to leverage India-Oman CEPA, calls for future-ready economic partnership
New Delhi, December 18. Prime Minister Narendra Modi has called on Indian and Omani businesses to fully leverage the India-Oman Comprehensive Economic Partnership Agreement (CEPA), describing it as a blueprint for a shared and future-ready economic partnership between the two countries.
Addressing the India-Oman Business Forum in Muscat on December 18, Modi highlighted the centuries-old maritime trading links between India and Oman, from Mandvi to Muscat, which continue to underpin robust commercial ties today. He noted that seven decades of diplomatic relations reflect a deep foundation of trust and friendship built over generations.
The forum was attended by Oman’s Minister of Commerce, Industry and Investment Promotion Qais Al Youssef, Chairman of the Oman Chamber of Commerce and Industry Sheikh Faisal Al Rawas, India’s Commerce and Industry Minister Piyush Goyal, CII President Rajiv Memani, and leading business representatives from sectors including energy, agriculture, logistics, infrastructure, manufacturing, healthcare, finance, green development, education and connectivity.
Calling upon industry leaders to unlock the full potential of CEPA, the Prime Minister said the agreement would inject new momentum into bilateral trade and investment, while generating opportunities for growth, innovation and employment in both countries.
Modi also highlighted India’s economic transformation over the past 11 years, saying the country is on track to become the world’s third-largest economy, driven by next-generation reforms, policy stability, good governance and strong investor confidence. He pointed to India’s growth of over 8 percent in the last quarter despite global uncertainties as evidence of the economy’s resilience.
Emphasising India’s push to build world-class infrastructure, logistics and trusted supply chains, the Prime Minister said the government is working at “speed and scale” to improve ease of living and ease of doing business. He urged Omani investors to look beyond traditional sectors such as oil, gas, petrochemicals and fertilisers, and explore emerging opportunities in green energy, solar parks, energy storage, smart grids, agri-tech, fintech, Artificial Intelligence and cyber security.
To future-proof the partnership, Modi proposed the creation of an India-Oman Agri Innovation Hub and an India-Oman Innovation Bridge, calling them practical invitations to invest, innovate and build together.
Appreciating the strong participation of business leaders, the Prime Minister urged them to align enterprise with policy to give momentum to CEPA. He reaffirmed that India and Oman are not only close neighbours but strategic partners committed to stability, growth and shared prosperity in the region and beyond.
