Economy

‘India, Iran preferential trade pace will have huge potential’

Our Bureau Hyderabad | Updated on January 12, 2021 Published on January 12, 2021

Mohammad Hossein Bani Asadi, Consul General of Islamic Republic of Iran said, “Iran and India have the potential to cater to each other’s needs provided the businessmen have the exposure to opportunities.”

He hoped that Preferential Trade Agreement between India and Iran will be signed soon. Both the countries have the potential to touch $10 billion trade.

He expressed interest to buy Telangana Sona Rice, according to a FTCCI statement.

On his maiden visit to The Federation of Telangana Chambers of Commerce and Industry (FTCCI), the consul Genereal of Iran offered to start barter trade to facilitate the businessmen and to jack-up the volume of two-way trade.

He said the business community in the two countries and their Chambers of Commerce would have to focus on expansion of trade by holding exhibitions and trade delegations.

Speaking on strategic port of Chabahar in Iran, he said, “it is being developed to build a transport-and-trade corridor through Afghanistan giving India an access to global markets. The construction of this port assumes significance as it will allow bypassing the route for accessing markets in Europe and Central Asia and also save on time and cost of doing business.”

Ramakanth Inani, President, FTCCI said, “Indian exports to Iran between 2011-12 and 2019-20 have grown by 45.60 per cent. The bilateral trade during 2019-20 was $4.77 billion and there is potential to expand the bilateral trade.”

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Published on January 12, 2021
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