NEW DELHI, May 13 (Bernama) -- Iran is seeking more business opportunities in non-oil sectors with India to boost bilateral trade, the Islamic Republic News Agency (IRNA) quoted Iran's Consul General Hassan Nourian as saying.
Nourian, who was speaking in South Indian Andhra Pradesh state's capital Hyderabad in a meeting with an Indian business group recently, said huge potential exists for cooperation in non-oil fields such as pharmaceutical, IT, electronics, automobile spare parts and food processing.

The consul general said both countries will focus on trade in non-oil sectors and aim to increase bilateral trade to US$25 billion in four years' time.

India's recent decision to invest US$100 million in free trade zone in the Port of Chabahar in southeastern Iran is an example of growing ties between the two countries, said Nourian.

He believes the port's location at the confluence of Indian Ocean and Oman Sea offers Indian companies access to markets in Afghanistan and the Central Asia.

"This port would also have greater strategic importance for India after foreign forces leave Afghanistan in 2014," Nourian said.

The Iranian diplomat said Indian companies were given special status in Iran in that only its firms were allowed to invest in the oil sector.

A 23-member business delegation led by the Federation of Andhra Pradesh Chamber of Commerce and Industry (FAPCCI) and Chamber of Commerce for Iran Trade Promotion (CCITP) recently visited Iran.

While there the group also attended Iran's first export capabilities exhibition held from April 27 to 30 in Tehran.

Three memorandum of undertanding (MoUs) to promote trade were signed by the Indian delegation with the chambers of commerce of Tehran, Shiraz and Bushehr in Iran.

Bilateral trade between India and Iran was US$15 billion in 2011-2012.

By Bernama

 

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