Trade volume between Iran and India can grow: Consul General of Iran

Focus should be on expansion of trade by holding exhibitions and through trade delegations, he said on his maiden visit to FTCCI

Hyderabad: Iran and India have the potential to up the volume of two-way trade to $ 10 billion. However, the businessmen on either sides should be exposed available opportunities, said Mohammad Hossein Baniasadi, Consul General of Islamic Republic of Iran.

Business community in the two countries would have to share experiences in the larger interests of the people. Focus should be on expansion of trade by holding exhibitions and through trade delegations, he said on his maiden visit to The Federation of Telangana Chambers of Commerce and Industry (FTCCI) on Monday.

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Speaking on strategic port of Chabahar in Iran, he said that 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.

Indian exports to Iran between 2011-12 and 2019-20 have grown by 45.6%. The bilateral trade during 2019-20 was $4.77 billion India’s major exports to Iran include rice, tea, sugar, soya, medicines/ pharmaceuticals, man-made staple fibres, and electrical machinery. Major imports from Iran include inorganic/organic chemicals, fertilizers, cement clinkers, fruits and nuts, and leather.

Ramakanth Inani, President, FTCCI said that it signed MoUs several chambers of commerce to promote trade, investment, social, economic, human resource development, technical and scientific cooperation and all other spheres of economic activity, a release said.

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