India and Oman on Saturday announced the third tranche of the joint investment fund worth about USD 300 million to strengthen economic ties, and adopted a new vision document for partnership after talks between Prime Minister Narendra Modi and visiting Sultan of Oman, Haitham bin Tarik.

Under the ‘India-Oman joint vision, a partnership for future’ document, the two countries will work in 10 different areas, including maritime cooperation, connectivity, energy security, space, digital payments, health, tourism and hospitality partnership, disaster management, agriculture and food security and cricket.

“Today we are adopting a new India-Oman joint vision, a partnership for the future. In this joint vision, concrete action points have been agreed upon in ten different areas. I am confident that the joint vision will give a new and modern shape to our partnership,” Mr Modi said at the delegation-level talks between the two countries.

He said he was happy that discussions between the two countries on a Comprehensive Economic Partnership Agreement (CEPA) are going on and two rounds of discussion have been successfully completed, in which many important issues have been agreed upon. ”I hope we will soon be able to sign this agreement which will add a new dimension to our economic cooperation,” he added.

Terming the Sultan’s maiden State visit as ‘historic’, Mr Modi said, “I am happy to welcome you to India. Today is a historic day in Oman-India relations as after 26 years, the Sultan of Oman has come to India on a state visit and I have got the opportunity to welcome you. On behalf of the people of India, I welcome you.”

Also congratulating Oman for qualifying for the T20I cricket world cup to be co-hosted by the West Indies and the US next year, he said, “Last month, Oman qualified for the T-20 Cricket World Cup to be held in 2024. I congratulate you on this.”

At a media briefing here, Foreign Secretary Vinay Kwatra said the two countries also announced the third tranche of the Oman-India Joint Investment Fund. “An important achievement in terms of India-Oman trade and capital cooperation was the announcement of the third tranche of the Oman-India Joint Investment Fund,” he said.

Mr Kwatra said the fund, a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, aims to bolster economic ties by directing investments into the fastest-growing sectors of the Indian economy.

“This fund would be worth USD 300 million, approximately Rs 2500 crores, purely as a point of elaboration. The fund was established as a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, which essentially channelled investments into the fastest-growing sectors of the Indian economy,” he added. The fund’s earlier two tranches, valued at $ 100 million and $ 200 million respectively, laid the groundwork for a strong economic alliance.

Mr Kwatra said the ongoing Israel-Hamas conflict did figure prominently during the talks between the two leaders. They both agreed that the global community faced multiple challenges in terms of providing humanitarian assistance and terrorism. They shared their perspective of the situation arising from the conflict and the need for a two-state solution to the crisis.

He said the discussions between the two leaders were comprehensive and constructive. They shared concern over terrorism. Oman’s Sultan congratulated PM Modi for successfully hosting the G20 Summit.

The visit marked a significant milestone in the diplomatic relations between New Delhi and Muscat. Ministry of External Affairs (MEA) spokesperson Arindam Bagchi said, “Giving a boost to India-Oman Strategic Partnership! PM @narendramodi warmly received His Majesty Sultan Haitham bin Tarik of Oman at Hyderabad House, setting the stage for bilateral discussions. Agenda includes taking stock of bilateral ties and charting pathways for the future collaboration between the two countries.”

The visit provided an opportunity to explore avenues for future collaboration between India and Oman for regional stability, progress and prosperity.

Significantly, India and Oman share a long-standing friendship rooted in historical, cultural, and economic ties. Furthermore, people-to-people contact between India and Oman can be traced back 5,000 years.