Singh arrives in Muscat, USD 100 mn fund to be instituted

Ammar Zaidi

Muscat, Nov 8 (PTI) Prime Minister Manmohan Singh arrived
here Saturday on a two-day visit, during which India and Oman
will set up a USD 100 million investment fund and sign an
agreement for protecting the interests of Indians working in
the Gulf country.

Singh, on his first visit to any Gulf country in his four
and a half year tenure as Prime Minister, was warmly received
by Oman Deputy Prime Minister Sayyid Fahd bin Mahmoud bin
Mohammed Al Said at the airport.

A ceremonial guard of honour was presented to the Prime
Minister, who is leading a high-level delegation including
Overseas Indian Affairs Minister Vayalar Ravi, Planning
Commission Deputy Chairman Montek Singh Ahluwalia and Minister
of State for External Affairs E Ahamed.

During his stay Singh will hold detailed discussions on
bilateral relations with Al Said and meet Oman Sultan Qaboos
bin Said.

The two sides will discuss ways to enhance their trade
and economic ties. In this connection, the India-Oman
Investment Fund, with seed money of USD 100 million, will be
set up, sources said.

The amount will eventually be raised to USD 1 billion, a
top official said.

The open-ended fund, on an equal cost-sharing basis, will
finance projects in both the countries. State Bank of India
will be the nodal agency from the Indian side.

The two countries will sign an agreement for protection
of salaries, human rights and working conditions of 5,00,000
Indians working in Oman.

The agreement, which is on similar lines of the ones
signed with other Gulf countries like Qatar and the United
Arab Emirates, provides for protection of Indian workers from
exploitation by sponsors.

The official said the agreement provides for making
available a mobile phone to women workers and guarantees them
a minimum wage of USD 250-300 a month. Also, a helpline will
be created for them.

Such agreements are on the lines of the ones signed with
GCC nations except Saudi Arabia.