Mumbai: India and Oman have proposed the setting up of a $100 million fund for investment in areas like education, information technology, telecommunications and science and technology in both the countries.

Oman, which is home to 400,000 Indian workers, is poised to upgrade is ties with India to strategic partnership and enhance trade and investment in diverse areas, including IT, hydrocarbons, infrastructure and petrochemicals.

Possible areas for investment of the fund include education, information technology, telecommunications, agriculture and science and technology, Indian ambassador to Oman Anil Wadhwa said.

External affairs minister Pranab Mukherjee discussed the issue at a meeting with Oman's deputy prime minister Sayyid Fahd Bin Mahmoud al Said.

The two countries also discussed a number of regional and international issues, including regional security, the Indian envoy said.
 
Mukherjee met Omani foreign minister Yousuf Bin Alawi Bin Abdulla and discussed issues of mutual concern and security matters, he said.

He said India and Oman share the desire to elevate bilateral relations to a strategic partnership in all areas. Mukerjee also welcomed Omani participation in India, particularly in the field of infrastructure and petrochemicals.

The two countries also reviewed the decisions taken during the Omani deputy prime minister's visit to India in December last year.

Four agreements were signed during his visit to India to increase cooperation in the areas of medium enterprises, entrepreneurship and higher education.

The two sides also engaged in renewed discussions on a crucial pact on signing manpower and labour agreement.

India and Oman also signed MoUs on setting up of plastic technology training and development institute, and the setting up of a chartered accountants institute in Oman. 

Mukherjee also held a meeting of Indian ambassadors from the Gulf, West Asia and North Africa region to discuss various policy matters concerning the region.