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India, Iran broaden prospects for trade

New Delhi, Oct 17, IRNA - Iran explored new opportunities for business with Indian counterparts at a seminar organized by the Confederation of Indian Industry (CII) in New Delhi.

A high level delegation comprising Iranian business leaders including senior officials of the Government of the Islamic Republic of Iran, Thursday took the opportunity to interact with the Indian industry members about their forthcoming projects in the sectors of Infrastructure, Roads & Railways, Power, Cement, Shipping and Maritime, Aluminium & Steel, Pharmaceuticals, Automotive & Auto components, SME among others.

Optimistic about the share of expertise Hossain Salimi, Senior office bearer of Iran Chambers of Commerce and Industry, said: "I being an entrepreneur in Iran, witnessed the ups and downs of the Iranian economy. At present the Iran trade and business sector has come of age. However we are yet to catch up with the world on various aspects of development, and we are confident to find Indian interest in sharing their technology and expertise with us. Iran is a promising option for India as it is just 3 hours air connectivity away. Iran at present seeks special expertise in the areas of automobiles, cement, steel among others. "

Mahmood Ali Abadi, Director General, Foreign Investment Office, Organization for Investment, Economic and Technical Assistance of Iran, highlighted, "Iran offers investment opportunities in different varieties.

In a Joint venture, it is possible for a foreign country to hold 100 per cent shares.

"We welcome Indians to invest in Iranian Stock market, which is not affected by the global financial crackdown. We ensure that the foreign investments will be protected here and good returns are generated for the investors."

Hosting the Indian government's point of view, M.K. Anand, Director - West Asia North Africa (WANA), Department of Commerce, Ministry of Commerce and Industry, said: "We praise the efforts made by the CII for streamlining the existing areas and developing new areas for trade. Iran is a radiant and vibrant market and we look forward to greater engagement by the Indian cooperates in sectors apart from Oil and Chemicals.

"We should look forward at the possibility to creating a Indian trade hub in Iran for further expansion in the region. We will be hosting a Joint Commission Meeting in Tehran, Iran on the 1-2nd November 2008, for facilitating stronger trade ties."

A C Patankar, Co-Chairman CII Persian Gulf Council said, "India and Iran share strong trade and cultural ties, we can expand the trade amongst the two nations by acting as a facilitator in the exchange of expertise. CII is ready to take forth the issues faced by the corporate from either sides, and will be more than happy to address issues associated with the trade."

India-Iran trade has increased tremendously from $ 6.1 billion in 2005-06 to $ 9.53 billion in 2006-07, the bilateral trade amongst the two nations can be further augmented by putting in place the requisite policies.

... Payvand News - 10/17/08 ... --

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