Economy

India sees biz opportunity in Iran after US, EU sanctions

PTI New Delhi | Updated on March 12, 2018

With the US and Europe imposing sanctions on Iran, India sees an opportunity to boost its trade with it by tapping the sectors which would be affected by the restrictions imposed by the West.

In this context, a large Indian business delegation will be visiting Iran by the month-end to explore business opportunities.

“We will be mounting a mission to Iran at the end of the month to promote our own exports. A huge delegation will be going,” the Commerce Secretary, Dr Rahul Khullar, told reporters here today.

He did not elaborate but sources said huge business opportunities have opened up in Iran after the US and Europe recently imposed sanctions on Iran over its controversial nuclear programme.

The delegation will include government officials and representatives from trade and industry.

India, which is heavily dependent on oil from Iran, maintains that it will implement only those sanctions which are imposed by the United Nations and not those imposed by individual nations or groupings.

“If Europe and the US want to stop export to Iran, why should I (India) follow the suit. Why shouldn’t we tap that opportunity,” a source said.

India believes that huge export opportunities are available in sectors such as food that include tea, wheat and rice; pharmaceutical; iron and steel and infrastructure projects.

Published on February 09, 2012

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