Lifting of sanctions on Iran to broaden trade and investment opportunities for India says Mr. Ali Hasanpour

“The election of Dr. Hassan Rohani, President of Iran in the year 2013 has raised hopes for setting up of a technocrat cabinet with liberal policies and scientific approach towards management of the economy. The development has raised expectations that the last stage of negotiations between Iran and 5+1 concludes in a win-win agreement thereby lifting the sanctions on Iran. Given the same, we invite India to broaden its trade and investment opportunities with Iran which have been restricted to traditional goods such as rice and tea”, said Mr. Ali Hasanpour, Advisor to Managing Director, Middle East Bank (MEBank), Tehran during an interactive meeting organised by MVIRDC World Trade C entre and All India Association of Industries with Mr. Hasanpour.

Identifying prospective sectors to deepen Indo-Iranian bilateral ties Mr. Hasanpour said that Iran consumes pharmaceutical products worth US$ 4 billion annually. The domestic production stands at US$ 2.2 billion while importing products worth US$ 1.8 billion. The competitive pharmaceutical industry of India exports pharmaceuticals goods worth a mere US$ 60 million to Iran and should look forward to an increasing its share.

Secondly, the recently established Iran Mercantile Exchange ensures direct supply of goods in market at competitive prices. Indian manufacturers should explore the opportunity of commodity trading on this exchange. The traded commodities range from industrial products such as copper, steel, billet, agricultural products such as rice, oilseeds and wheat and petrol chemical products such as bitumen and polymers.

Others areas to be tapped by Indian industry include the automobile sector besides energy saving products such as electric motorcycles, technology for industrial plants, etc.

The MEB-IndAsia Corporate Advisors Pvt. Ltd works towards building Indo-Iranian bilateral relations through its business networking services, trade facilitation services besides facilitating  trade finance and assisting in identifying prospective business partners.

Earlier, in the welcome remarks Mr. Firoze B. Andhyarujina, Senior Advocate, Supreme Court of India said that the India-Iran bilateral trade is worth US$ 14.95 billion. India imports goods worth US$ 11.6 billion mainly comprising of crude oil and exports commodities worth US$ 3.35 billion. Other imports of India from Iran besides oil include fertilizers, organic and inorganic chemicals, etc. India’s exports to Iran include petroleum products, rice, machinery & instruments, metals, primary and semi finished iron & steel, pharmaceuticals & fine chemicals, processed minerals, manmade yarn & fabrics, tea, agro chemicals, rubber, manufactured products, etc. The economies need to work towards doubling bilateral trade to US$ 30 billion in the years to come.

Present on the occasion was Mr. Masood Ebrahimi Khaleghi, Consul General, Consulate General of Republic of Iran.

Mr. Y.R. Warerkar, Executive Director, MVIRDC World Trade Centre proposed the vote of thanks.