Iran Sees Indian Economy "Good Opportunity" to Boost Ties: Official

 

TEHRAN (NNN-Xinhua) -- Head of Iran's Chamber of Commerce, Industries and Mines, Mohammad Nahavandian, said Saturday that Indian economy provides a good opportunity for Iran to cooperate and interact with the country, the official IRNA news agency reported.

Nahavandian told IRNA, on the sidelines of a meeting with a visiting 80-member Indian business and economic delegation, that Iran is ready to start cooperation with India whose economy is now experiencing a 10 percent growth, said the report.

India is a country with ample opportunities with which Iran seeks to expand ties, he was quoted as saying.

Nahavandian said the current trade, banking and insurance cooperation between the two countries should be further broadened.

The Indian delegation arrived in Iran on Friday for a five-day visit.

In a meeting with a group of Iranian businessmen and experts in Tehran on Saturday, Joint Secretary of India's Ministry of Commerce and Industry, Arvind Mehta, said that the value of India- Iran transactions will hit 25 billion U.S. dollars in the next four years, according to IRNA.

Mehta put the current level of bilateral transactions at around 15 billion U.S. dollars, adding that the trade balance with Iran is currently in Tehran's favor.

Iran sells oil to India worth some 13 billion dollars annually but imports about 2.5 billion dollars worth of goods from India.

The Indian official said that the visit of Indian economic delegation will play an important role in enhancing mutual ties.

Iran has agreed to receive over 40 percent of its revenue from its oil exports to India in rupees. --NNN-XINHUA