India, Oman agree to have 100 million dollar joint investment fund

New Delhi, Oct 21 (ANI): India and Oman have agreed to use a joint investment fund of 100 million dollars to step up two-way investment.

After talks with visiting Omanese Foreign Minister Yousuf bin Alawi bin Abdullah on a range of bilateral and regional issues, External Affairs Minister S M Krishna told reporters here that "through this mechanism (Joint Investment Fund), we also aim to channelise further investment in each other's economies for the benefit of our people."

"We had broad-discussions on recent developments in our bilateral relations especially in the economic and commercial fields where our relationship has grown exponentially in the last few years," Krishna said.

He said trade between both countries stood at 4.5 billion dollars and shared bilateral investments worth 7.53 billion dollars were stretched across 13 sectors.

Emphasizing that India and Oman have a historical relationship marked by warmth and cordiality, Krishna said: "This relationship has been sustained over the years by regular high-level dialogue between our two countries.

"Oman is also one of the few countries in the world with which India has signed a Memorandum of Understanding on a joint investment fund. Through this mechanism, we also aim to channelise further investment in each other's economies for the benefit of our people," he added.

He further said that the last few years have seen enormous progress in political understanding and dialogue, security and defence relationship and in people to people exchanges.

Meanwhile, Abdullah said Oman is very happy to see India in the UN Security Council as a non-permanent member and hoped it would play a very important role there.

"I also thanked the Government of India to the Sultanate of Oman for being such a fine hosts to over 550,000 Indian nationals living in Oman. Through their hard work and dedication, they have enriched our excellent bilateral relations. They also serve as a vital link between our two countries," he added. (ANI)