New Delhi, Dec 19 (PTI) Commerce and Industry Minister Piyush Goyal on Friday said Oman, as part of the trade pact, has given assurance that Indian companies investing in the Gulf country will be required
to hire only a specific number of Omani nationals, while the rest of the workforce can be from India.
The two countries have inked a comprehensive economic partnership agreement (CEPA) on December 18 in Muscat.
"They have also given us an assurance that wherever Indians are investing in Oman...They will allow other than Omani residents...100 per cent Indian employees. So a little bit of employees will be Omanese, the rest can all be Indians," Goyal told reporters here.
"So, we (Indian firms) would not have to have diverse nationalities or take people from other nations. So, our investments will provide jobs to our people. That is something which they have done for the first time, and this will be a permanent facility, even if they change their laws over there, this will remain entrenched in the FTA."
The move, he added, will provide huge employment opportunities for India and Oman.
"It's a binding commitment," the minister said.
The agreement also provides for more liberal entry and stay conditions for skilled professionals in key sectors, such as accountancy, taxation, architecture, medical and allied services, supporting deeper and more seamless professional engagement.
An official said that it was also agreed that if Oman offers more liberal terms to any other SAARC countries regarding their Omanisation policy, similar concessions will have to be extended to India as well.
Under the Omanisation policy, the Gulf country seeks to boost the employment of its citizens in the private sector. The policy mandates companies to meet specific quotas for hiring Omani nationals. These quotas vary by sector and are periodically revised.
South Asian Association for Regional Cooperation (SAARC) members are Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka.
The CEPA has also extended 100 per cent foreign direct investment (FDI) by Indian companies in major services sectors in Oman through commercial presence, opening a wide avenue for India's services industry to expand operations in the region. PTI RR BAL
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