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Iran seeks to boost trade ties

New Delhi, Nov. 3: Iran today invited Indian businessmen to invest in that country and wanted to forge contractual and engineering co-operation in third countries.

“Indian companies may directly invest in different economic projects in the mining and industrial sectors and take advantage of the Foreign Investment Promotion and Protection Act,” said Eshagh Jehangiri, minister of mines and industry, Iran, during an interactive business meeting organised by the Federation Of Indian Chambers of Commerce and Industry (Ficci).

“The existing legal framework and vast markets around the neighbouring countries of Iran will provide opportunities for FDI in Iran,” he added.

Speaking on the issue of joint co-operation, the Iranian minister said it is the opportune time to for the two countries to implement economic projects in Iraq, Afghanistan and the CIS countries. Iran today urged the Indian government to spruce bilateral trade in the field of mines and industry, a sector “which has not been sufficiently exploited”. The value of industrial and mining products in Iran is estimated at $18 billion, which accounts for almost 17 per cent of the GDP.

A report published by the International Monetary Fund says Iran, for the last four years, has enjoyed one of the highest economic growth rates in West Asia and North America. In addition, for the last three years, Iran has enjoyed a continuous current account surplus, decrease in foreign debts and increase in forex reserves.

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