Tremendous Potential untapped with India and Iran

MUMBAI, INDIA - “India and Iran share a relationship which is age-old backed by strong cultural, social and economic ties. I am here as the Member of Parliament to support this strong bondage, to give a boost to the private sector and support foreign investments to Iran. Development and growth are the basis for this relationship. India has all along followed the path of development and Iran has always embraced development and so India-Iran ties have gone to the root of development for better ties which is important”, said H.E. Mr. Hadi Ghavami, Member of Parliament, The Islamic Republic of Iran, during an interactive meeting jointly organized on 20th January 2015 by World Trade Centre Mumbai and All India Association of Industries along with Consulate General of the Islamic Republic of Iran (Mumbai). 

Dr. Ali Akbar Farazi, Vice President for International Affairs, Iran Chamber of Commerce, Industries, Mines and Agriculture in his address, stressed that although India-Iran have friendly relations, much needed to be done in increasing trade values between the countries. He was of the opinion that the private sector needs to do much more. The coming together of various Iran-India chambers of commerce, city representatives, private sector organizations in the fields of chemical and tourism through the business-to-business meetings organized would give a major thrust to the private sector. There is ample scope to increase trade. There are several other business opportunities that need to be seized,he added.

Dr. Kavita Gupta, Additional Director General, Directorate General of Foreign Trade in her address said that the meeting comprised an important gathering and a focused group of people who were keen to forge collaborations. Both countries have comparative trade advantages, great potential and a special bonding. India and Iran use the rupee payment mechanism through UCO Bank’s Nostro account which is an easy payment mode. However she added that although there exists tremendous potential, India has not been able to maximize it. She enumerated that while India is strong in sectors such as textile, pharmaceuticals, engineering, agriculture, while Iran is strong in services and infrastructure. She stressed that India had taken on several measures in the ease of doing business through the ‘Make in India’ campaign thereby providing an excellent business environment. She proposed a doubling of trade with Iran while hoping that Mr. Khaleghi, Consul General of Iran would quadruple the figure 

Mr. Masood Ebrahimi Khaleghi, Consul General, Consulate General of the Islamic Republic of Iran (Mumbai) was forthcoming and offered to assist in increasing trade and business between India and Iran. He stressed on having meaningful business. He was concerned over the volumes of trade being inadequate. He recommended on having a fresh look at each other’s trade potential, citing that capacities have increased.
Earlier, in the welcome address Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai and President, All India Association of Industries said the bilateral trade between India and Iran currently stands at around US$ 15 million which has potential to escalate to US$ 20-30 million. There is immense opportunity in the areas of pharmaceuticals, textile, agriculture and genetic medicines however our manufacturing needs to be improved. He was hopeful that the natural gas pipeline from India to Iran comes through in the next couple of years which would reduce the energy costs for India. 

A Memorandum of Understanding was signed between World Trade Centre Mumbai with Iran Chamber of Commerce, Industries, Mines and Agriculture and Isfahan Chamber of Commerce .The event concluded with 100 Business-to-Business meetings among Indian and Iran delegates present from sectors of food related industries, cosmetics, metal engineering, machine manufacturing, mining, aviation, furniture and chemicals.

(PHOTO, L-R: H.E. Mr. Hadi Ghavami, Member of Parliament, the Islamic Republic of Iran, Dr. Kavita Gupta, Additional Director General, Directorate General of Foreign Trade, Dr. Ali Akbar Farazi, Vice President for International Affairs, Iran Chamber of Commerce, Industries, Mines and Agriculture, Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai, Mr. Masood Khaleghi Consul General of the Islamic Republic of Iran Mumbai, Mr. Seyed Abdolvahab SahlAbadi, Vice President, Chairman of the Board Ishfahan Chamber of Commerce and Industry)

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