India, Oman to speed up double taxation pact

India and Oman have agreed to expedite their internal procedures for signing and ratification of a protocol to amend the bilateral double taxation agreement and conclusion of an investment treaty, an official statement said on Monday.

India has also invited Omani Sovereign Wealth Funds and private businesses to invest here.

It was discussed during the India-Oman Joint Commission Meeting (JCM), which was held on Monday through the virtual platform.

"Both sides also agreed to expedite their internal procedures for signing and ratification of the protocol amending India-Oman Double Taxation Agreement and conclusion of the India-Oman Bilateral Investment Treaty," it said.

Bilateral trade between the countries has increased by 8.5 per cent to USD 5.93 billion in 2019-20.

Indian firms have invested in Oman in various sectors like iron and steel, cement, fertilisers, textile, cables, chemicals, and automotive, it added.

"There are over 4,100 Indian enterprises and establishments in Oman with an estimated investment of USD 7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-June 2020 amounted to USD 535.07 million," the commerce and industry ministry said.