India, Iran consider boosting economic ties
Munawar Zaman
Press TV, New Delhi
Illegal US sanctions on Iran are opening new windows of opportunities to do business with other countries.
Following a recent visit by Iran’s Deputy Foreign Minister for Economic Diplomacy, Mehdi Safari, New Delhi and Tehran are exploring new areas of trade. Despite the sanctions, the two countries have vowed to improve trade relations, especially in transport, IT, pharmaceuticals, biotechnology, culture, education and tourism. The two nations are now looking for options to boost joint manufacturing across industries.
Experts say the Iranian Port of Chabahar could be a focal point for investments and will help boost trade with India, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe. India is among Iran’s top five trade partners. Their bilateral trade is currently worth 1.3 billion dollars. Imports and exports include rice, tea, sugar, fresh fruits, pharmaceuticals, soft drinks and industrial machinery among others. The two countries are planning to triple their trade over the next five years.
Iran’s Deputy Foreign Minister, Safari, said exports to India grew 60 percent in 2022 and are becoming increasingly independent of oil. Expressing his country’s willingness to meet India’s energy needs, he said the two nations enjoy huge potential and opportunities to invest in infrastructure, tourism as well as manufacturing projects. Iran has also offered to extend a sub-sea natural gas pipeline from Oman to India.
India and Iran are continuing consultations on trade in local currency as well as an alternative payment settlement mechanism to swift. Experts say historic Indo-Iranian relations have much room for improvement.
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