India, Oman to cooperate in energy, IT sectors

India and Oman on Monday agreed to cooperate in the energy and Information Technology (IT) sectors respectively.

Prime Minister Narendra Modi offered to share India's experience and capabilities with Oman in the development of its renewable sources of energy, such as solar and wind power to name a few.

He invited Oman to participate in building strategic oil reserves in India. The King of Oman, Sultan Qaboos bin Said al Said briefed Prime Minister Modi on Oman's own initiative to create its strategic oil reserves in Ras Markaz near Duqm in Oman.

Also, the two sides agreed for mutual cooperation in building their strategic oil reserves.

Oman noted India's globally recognised capabilities in the research and development of space infrastructure, space technologies and space applications and thanked India for its offer to assist in the development of Oman's capabilities, a joint statement was issued after Prime Minister Modi's visit to Oman.

This includes training and human resource development for use of space technologies and applications for developmental and other purposes.

Recognising India's strength in the services sector, the two sides underlined the need to strengthen bilateral cooperation in the areas of Information Technology (IT)and IT-enabled services and financial services, including banking services, insurance and capital markets.