Your Excellency Kreish Al Yousuf, Minister of Commerce, Industry and Investment Promotion, delegates from both countries, leaders of the business world, ladies and gentlemen, Namaskar. I have the privilege of visiting Oman after seven years and today I am getting the opportunity to interact with all of you. Your pride in this business summit is also encouraging me. Today's summit will give a new direction to the India-Oman partnership. It will give new momentum and help in reaching new heights, and all of you have a big role in this.
Friends, you represent our trade, the businesses of India and Oman. You are the heir to a legacy that has a rich history spanning centuries. Since the beginning of civilization, our ancestors were doing maritime trade with each other. It is often said that the two shores of the ocean are very far apart. But the Arabian Sea forms a strong bridge between Mandvi and Muscat. A bridge that strengthened our relationships. Strengthened culture and economy. Today we can say with confidence that the waves of the ocean change. Seasons change. But the friendship between India and Oman grows stronger with every season and touches new heights with every wave.
Friends, our relationship is built on the foundation of trust. Friend grew from the power of friendship and deepened over time. Today our diplomatic relations have also completed 70 years. This is not just a celebration of 70 years. This is the stage from where we have to take our centuries old heritage towards a prosperous future.
Friends, today we are taking a historic decision whose echo will be heard for many decades to come. The Comprehensive Economic Partnership Agreement (CEPA) will fill our partnership with new confidence and energy in the 21st century. This is the blueprint for our shared future. This will give new impetus to our trade. Will give new confidence to investment. And will open new doors of opportunities in every sector. CEPA will create many new opportunities for growth, innovation and employment for our youth. This agreement should move from paper to performance. The role of all of you is very important in this because only when policy and enterprise go together, partnership creates new history.
Friends, India's progress has always been a story of shared progress. When India grows, it makes its friends partners in its growth. We are doing the same even today. Today India is moving rapidly towards becoming the third largest economy. There is opportunity in this for the entire world. But the advantage for Oman is even bigger. Because we are not only close friends but also maritime neighbours. Our people know each other. There is generational trust in our business world and we understand each other's markets very well. In such a situation, there are opportunities galore for Oman in India's growth journey.
Friends, today in the business world there is discussion about the resilience of India's economy. People often ask why there is so much uncertainty in the world. The global economy is also in trouble. So how is India achieving growth of more than 1%? Let me tell you the big reason for this. In fact, during the last 11 years, India has not just changed its policies. India has changed its economic DNA. Let me give you some examples. Like Goods and Services Tax i.e. GST. It has transformed the entire India into an integrated unified market. Financial discipline came from the Insolvency and Bankruptcy course. Transparency was promoted and this strengthened investor confidence. Similarly, we did corporate tax reforms. This has made India one of the most competitive investment destinations in the world.
Friends, you must have recently heard the discussion on labour reforms. We have consolidated dozens of labor courts into just four courses. This is one of the biggest labour reforms in the history of India. Friends, when there is policy clarity, manufacturing also gets new confidence. On one hand we are doing policy and process reforms. On the other hand, production linked incentives are also being given to promote manufacturing in India. Due to such efforts, there is a lot of enthusiasm in the world about the Make in India campaign today.
Friends, reforms are further strengthened by India's digital public infrastructure. Governance has become paperless. The economy has become cashless and the system has become much more efficient, transparent and predictable. Digital India is not just a project. This is also the world's biggest inclusion revolution. This has increased the ease of living. And the ease of living has reached a new level. And the modern physical infrastructure being built in India is making it even better. Logistics costs in India are continuously decreasing due to improved connectivity.
Friend, India is an attractive destination for investment. The world believes this. Also, India is a reliable future ready partner. And Oman understands and appreciates this very well. Our Joint Investment Fund has been promoting investment in both countries for many years. Be it energy, oil and gas, fertilizers, health, petrochemicals or green energy, new possibilities are emerging in every sector. But friends, India and Oman are not satisfied with just this. We don't live in comfort zones. We have to take the India-Oman partnership to the next level. For this, the business world of both the countries will have to set some big goals for themselves.
I will make this work a little easier for you. I challenge you to do something big together in green energy. Can we launch five major green projects in the next five years? We have to create new benchmarks in the field of green hydrogen, green ammonia, solar power, energy storage and smart grid.
Friends, just as energy security is important, food security is equally important. This is going to become a big global challenge in the coming times. Can we together create an India Oman Agri Innovation Hub? This will strengthen Oman's food security and help India's agritech reach the global market.
Friends, agriculture is a sector. Similarly, it is important to promote innovation in every sector. In such a situation, can we establish an Oman India Innovation Bridge? We have to decide to add 200 Indian and Omani startups in the next two years. We have to create joint incubators. Fintech sandboxes, AI and cybersecurity labs need to be created and cross-border venture funding needs to be promoted.
Friends, this is not just an idea. This is an invitation. Invitation to invest, invitation to innovate, invitation to build the future together. Let us take this old friendship forward with the power of new technology, new energy and new dreams. Venus Jay Jay Allen. Thank you.
