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Times of Oman
05-06-2025
- Business
- Times of Oman
"Miles to go": Piyush Goyal sees strong potential in India-Italy bilateral trade
Brescia [Italy]: Indian Commerce Minister Piyush Goyal on Thursday pointed out that the bilateral trade between India and Italy is very low, as he suggested that the trade relationship has "miles to go". Speaking at the India-Italy Plenary Session of the Business Forum alongside Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy, Antonio Tajani, Minister Piyush Goyal asked the businesses present at the event whether the current trade volume "meets even a minuscule portion of the huge potential between Italy and India." "We have miles to go," Piyush Goyal said, painting a hopeful picture that the trade between India and Italy will grow. Piyush Goyal is on a two-day visit to Italy. "We realise that the bilateral trade between our two nations is so low, and is suboptimal. We have a lot of work to do, whether it is trade, whether it is investments, whether it is technology, whether it is tourism," Goyal said. The bilateral trade between India and Italy registered at Euro 14.34 billion in 2023. India's exports to Italy reached Euro 9.16 billion, a decrease of 8.86% compared to the previous year, 2022. During 2023, India's imports from Italy were Euro 5.18 billion, an increase of 7.69 per cent compared to the year 2022. The trade balance remains in India's favour, with Euro 3.98 billion. It has been in India's favour since 1988. He added that the tremendous potential between the two countries can be gauged from Prime Minister Narendra Modi's maiden visit to Italy after becoming prime minister. In his address, Minister Goyal said there is a huge opportunity for tourism in India. In the same breath, he invited people of Italy to come to India as tourists. He said Italy is quite a popular destination for Indian tourists, and each time an Indian movie features a song shot in an exotic Italian location, tourism from India to Italy increases significantly. "I'm a greedy person. I would also like to see tourism come from Italy to India. Therefore, I would like to invite the world of cinema to come to India and explore some exotic locations. We have rain in some parts or other of India every season, 12 months a year. You can have the sun, you can have beautiful beaches, historical sites, palaces, temples, a lot of history, a lot of art, a lot of culture, tonnes of tradition, all of that across India, and I would like to invite all of you to India to explore the majesty and the glory," he doubled on his tourism promotion. He said the impending India-EU FTA is making rapid progress. "Our leaders, President Ursula Gertrud von der Leyen and Prime Minister Narendra Modi, have tasked us to finalise the deal before the end of this year. I can assure you that we are making rapid progress; we had discussions as recently as two days ago in Paris, where we engaged on finding the pathways for taking forward (the negotiations)," Goyal added. Once finalised, this FTA would be one of the most significant for India, as the EU is its second-largest trading partner after the US. This commitment to finance FTA by the end of 2025 builds on the strategic direction given by Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen, during the landmark visit of the EU College of Commissioners to New Delhi in February 2025. After a nine-year lull, India and the EU re-launched negotiations for the India-EU Free Trade Agreement in 2022. The talks had reportedly stopped in 2013.
Zawya
20-05-2025
- Business
- Zawya
Oman & Spain: Partnership amidst global opportunities
The Sultanate of Oman and the Kingdom of Spain share a relationship marked by growing economic cooperation, building on a foundation of strong diplomatic ties. While the economic partnership is still developing, it holds significant potential for both nations, particularly as they navigate evolving global challenges and seek new avenues for growth. This analysis explores the multifaceted relationship between Oman and Spain, examining its historical context, current economic ties and future opportunities. The relationship between Oman and Spain is rooted in a history of diplomatic engagement, with formal relations established in 1972. This initial step has been crucial in fostering a climate of mutual respect and cooperation, setting the stage for increased collaboration across various sectors. The establishment of reciprocal embassies in the mid-2000s further solidified this foundation, enhancing communication and facilitating stronger economic links. High-level visits and agreements, such as the significant visit by King Juan Carlos I of Spain in 2014, have underscored the commitment from both sides to expand their cooperation. Examining the economic ties between Oman and Spain reveals a trade relationship with growth potential. While the overall trade volume has been described as 'relatively modest,' it has shown a general upward trend over the past decade. In 2023, Spain recorded a trade surplus with Oman, amounting to $27 million. Data indicates Oman's exports to Spain were valued at $246 million, while Spain's exports to Oman totalled $249 million. However, more recent monthly data suggests a contraction in trade volumes, highlighting the influence of factors such as commodity price volatility. Oman's exports to Spain are concentrated in mineral fuels, oils and aluminium, reflecting its resource-based economy. Spain's exports to Oman are more diversified, including machinery, transport equipment and manufactured goods. Specifically, Oman's exports to Spain include mineral fuels, oils ($33.57 million), aluminium ($32.48 million) and plastics ($19.10 million). Spain's exports to Oman feature ships ($31.83 million), aircraft ($24.93 million) and vehicles ($23.07 million). Investment is a vital component of the Oman-Spain economic relationship. The Spain Oman Private Equity Fund (SOPEF), a joint initiative between the Oman Investment Authority (OIA) and the Spanish development finance institution COFIDES, is a key example. SOPEF has allocated €300 million to support the internationalisation of Spanish companies and contribute to the economic development of both nations. Spanish investments in Oman include Union Fenosa Gas's stake in Qalhat LNG and Indra Sistemas' provision of air traffic management systems. These investments highlight Spain's involvement in Oman's energy and infrastructure sectors, while initiatives like SOPEF aim to foster broader economic diversification and collaboration. For Oman, this economic relationship presents opportunities to advance its Oman Vision 2040 diversification goals. Collaboration with Spanish firms offers avenues for technology transfer, access to new markets and enhanced competitiveness. Spain's membership in the European Union provides a strategic entry point for Omani products into the EU market. Omani companies, particularly SMEs, can explore niche markets in Spain, focusing on unique products and leveraging platforms like the Barcelona seafood expo to connect with Spanish partners. Spain also benefits significantly from this partnership. Oman represents a growing market for Spanish exports, including machinery, transport equipment and manufactured goods. Initiatives like SOPEF facilitate the internationalisation of Spanish companies and provide access to new investment opportunities in Oman and the broader Middle East. Furthermore, Oman is a reliable supplier of LNG to Spain, contributing to Spain's energy security. Several sectors have been identified as key areas for enhanced collaboration. These include renewable energy, where Oman's potential aligns with Spain's expertise; tourism, where Spain's experience can support Oman's growth plans; logistics and infrastructure, leveraging Spain's advanced capabilities; technology and digital transformation, fostering innovation and knowledge transfer; and manufacturing and agribusiness, promoting diversification and food security. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
