Trade and industry must boost India-Iran business ties, says Iranian Finance Minister

Posted By: Devaki
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New Delhi, July 8 (ANI): Minister for Economic Affairs and Finance of the Islamic Republic of Iran, Dr. Seyed Shamseddin Hosseini, who is on a three-day visit to India, called for better trade ties between the two nations and offered to sign an investment protection treaty regarding the same.

Assuring lucrative deals to potential partners in his endeavour, Hosseini also invited business establishments, investors and promoters to set up ventures in Iran.

In his address at a business seminar hosted by the Federation of Indian Chamber of Commerce and Industry (FICCI) in New Delhi on Thursday, Hosseini argued that even though the two-way trade between India and Iran had significantly risen from nine billion dollars to 15 billion dollars this year, there is ample scope for further expansion.

"Iran and India have more than 50 billion dollars trade volume with external countries, but our trade share is just 15 billion dollars. It is not satisfactory," said Hosseini.

He, however, added that there is tremendous opportunity to double the trade volume over the next five years.

"My mission is to use the capacity of the Joint Commission to open and explore the window of opportunity and commercial activity between the two countries. My determination is to have some very friendly and robust talks with the members and investors to remove any barrier or deterrence in improving the trade ties," said Hosseini.

"The legal financial system in Iran to protect foreign investments is very strong and robust. For this, a law on protection of foreign investments has been approved by the parliament of Iran," he added.

Hosseini further said tourism is one of the most promising sectors in both countries vis-'-vis trade revenue, asserting that the doors must be thrown open for greater tourist influx.

Hosseini is in New Delhi to co-chair the 16th India-Iran Joint Commission meeting.

The visiting Minister is also expected to call on External Affairs Minister S M Krishna during his stay in the national capital.

The 16th Session of the Joint Commission between India and Iran will be held in New Delhi on July 8-9, 2010.

India and Iran have been holding discussions at regular intervals on issues relating to economic cooperation under the aegis of the Joint Commission mechanism, which was established in July 1983.

The last session of the Joint Commission was held in Tehran, Iran from October 30-November 2, 2008. (ANI)

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