Bridging the Gulf for strategic benefits

The state visit by Haitham bin Tariq, the first by an Omani PM in 25 years, marks an important moment in bilateral ties. As the largest non-Opec producer in the region, and a member of the Gulf Cooperation Council (GCC), the India-Oman bilateral relationship is an important element of New Delhi’s partnership with the region. This is reflected in the growing Oman India Joint Investment Fund, now worth $300 million, and progress on the comprehensive economic partnership agreement. The joint vision announced during the current visit outlining concrete action and partnership in 10 areas that include maritime cooperation and connectivity, digital payments, space, green energy, tourism, and even cricket, demonstrates the range.

Though India and the Gulf share a long history, the strategic partnership with countries there is relatively new. These ties are crucial for India’s economic development, social progress and geopolitical ascendance. The Gulf region’s importance in New Delhi’s strategic calculus is a function of trade volume, contribution to India’s energy requirements and remittances sent by the nearly 10 million Indian expatriates. The Gulf’s role in India’s defence industry and ‘Atmanirbhar Bharat’ is another facet of this relationship. It is also reflective of the changing geopolitical and geostrategic dynamics.

The new railway and port project, India-Middle East-Europe Economic Corridor (IMEC), launched on the sidelines of the G20 Summit in New Delhi, is an important indicator of the evolving relationship. India-GCC is an important axis in the changing global dynamics. This is evident from the close engagement between India and the region. Prime Minister Narendra Modi’s recent visit to the UAE for COP28 was just the start.