SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 31 Oct, 2014  

India.Oman.9.Thmb.jpg 'Need create value chains between SMEs of Oman, India'

sme-text.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
Saurabh Gupta | 31 Oct, 2014
There is a need to look at creating innovative linkages between business in India and Oman to take the bilateral relationship to a new level. This was stated by HE Dr Ali Bin Masoud Al Sunaidy, Minister of Commerce and Industry, Sultanate of Oman at a meeting organized by the Confederation of Indian Industry in New Delhi on Thursday.

The Minister stressed on the need to create value chains between small and medium enterprise (SMEs) from both countries in order to create a more sustainable business model. He stated that traditionally, Indian and Omani businesses had a buyer-seller relationship. It was now time to transform that into a partnership that leverages the strengths of both countries.

He pointed out that Oman had Free Trade Agreements with several countries such as the GCC and the US.

In terms of SME development, K K M Kutty, Co-Chairman, CII Gulf & Middle East Committee observed that the CII - Avantha Centre for Competitiveness for SME's was well poised to provide the support that Oman requires to train and promote SME's in Oman.

The Minister invited Indian companies to set up a manufacturing base in Oman and take advantage of these FTA's to access a larger market. He highlighted sectors such as medical consumables, engineering and food processing among others as potential sectors for such projects.

He called for the adoption of a holistic approach towards cooperation in the clean energy sector. He felt that the focus should shift from supply of equipment to sustainable development.

He also suggested that Indian and Omani companies could collaborate to supply projects and equipment in third countries.

In addition, the Minister felt that there needed to be greater engagement at the project conceptualization stage. Citing the example of computer software, he pointed out that currently Omani companies tie up with Indian companies and customize their existing portfolio for the Arab market. He felt that this process could be curtailed if Indian and Omani companies collaborate at the product conceptualization stage.

The Minister also called for greater people to people contacts between the two countries. He felt that this would lead to a greater exchange of ideas and eventually lead to stronger business ties.

In his address, Pankaj Khimji, Leader of Omani Business Delegation stated that Oman was in the process of diversifying its economy and is moving away from reliance on oil and gas. He observed that this was throwing up new opportunities for business between the two countries especially in the areas of Supply Chain Management, Infrastructure Development, Skills Development and Hospitality sectors among others.

Earlier, in his welcome address, K K M Kutty, Co-Chairman, CII Gulf & Middle East Committee highlighted three critical areas that the two countries could work together on. These included Clean Energy, Water Management and SME development.

He stated that the CII-ITC Center of Excellence for Sustainable Development and the CII – Sohrabji Godrej Green Business Centre can help with the identification and development of clean energy sources.

In addition, CII through its CII- Triveni Water Institute can help stakeholders in Oman build capacity and address issues in a comprehensive, holistic and scientific manner, he added.

Gurpal Singh, Principal Advisor and Head - Gulf, Middle East & North Africa, Confederation of Indian Industry proposed the Vote of Thanks.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter