Oman has wholeheartedly welcomed India's election as non permanent member of the UN Security Council. It hoped that India will play a positive role in ushering peace in West Asia. Replying to questions from reporters after holding talks with the Indian counterpart S M Krishana, the minister responsible for foreign affairs of Oman Yousuf Bin Alawai Bin Abdullah said that his country is keen to see India aspart of the Gulf Cooperation Council so that it can contribute to the collective effort to maintain peace and security along with other countries in the region. Oman along with UAE have supported India's nomination to the reformed UN Security Council. Mr. Abdullah met the Prime Minister Dr. Manmohan Singh this morning and exchanged views on a host of issues of mutual interest. Giving details of the discussions held late last evening, SM Krishana said the talks focussed on strengthening economic and commercial ties between the two countries. He added that bilateral trade has grown to 45 billion US Dollars and the investments are worth 7.53 billion dollars made in thirteen sectors. He said there are over 1,500 jointventures.The External Affairs Minister appreciated the Sultanate of Oman for being fine hosts to over five lakh fifty thousand Indian nations living there and enriching the bilateral relations. AIR correspondent reports that the two countries have signed a MoU forsetting up a joint investment fund to invest in infrastructure sector in India. The fund will be operational soon.