India-Iran trade touch a record $13 bn

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Dubai, Nov 2: Trade volume between Iran and India has reached almost $13 billion in 2007 after business between the two countries grew by 80 per cent.

The Indian Embassy in Tehran said in a press release, ''India exports goods worth 1.937 billion dollar to Iran and imports goods worth 11.049 billion dollar from Iran.'' ''India's imports from Iran include crude oil and petroleum products worth 10.06 billion dollar and India's exports include petroleum products worth 850 million dollar,'' the statement said. The release added that Indian public and private sectors are increasingly interested in investing in Iran.

The embassy said companies including Tatas, Essar, Oil &Natural Gas Corporation, and Gas Authority of India Limited are already active in the Iranian industrial sectors of oil and gas, mining, metallurgy and steel.

The Indian Minister for External Affairs, Pranab Mukherjee, is currently in Tehran on a three-day visit. The minister's delegation includes senior officials from different government departments including the Ministry of External Affairs and the Ministry of Petroleum and Natural Gas.

New Delhi and Tehran will discuss the Iran-Pakistan-India (IPI) gas pipeline project. India delayed the project following pressure from the US in the build up to a nuclear deal between the two countries, Iranian news agencies reported.

Iran hopes that the pipeline initiative can now progress as the US-India nuclear contract has been signed.


UNI

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