Not deterred by the sanctions imposed by the U.S. and the European Union (EU) against Iran, India is bracing up to enhance its trade and economic engagement with Tehran as it smells a huge opportunity to boost exports by tapping sectors which promise great growth.
A large Indian business delegation comprising officials and representatives from the industry will be visiting Iran by the month-end to explore business opportunities with that country and also other areas of cooperation. “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,'' Commerce Secretary Rahul Khullar told reporters here on Thursday.
However, the Commerce Secretary did not elaborate on the kind of opportunities and trade engagement that India would be focussing on.
Officials in the Commerce Ministry said huge business opportunities had opened up in Iran after the U.S. and Europe recently imposed sanctions on Iran over its controversial nuclear programme. India has maintained that it is not bound by the U.S. and EU sanctions and asserted that it will only abide by the UN sanctions on Iran.
India feels that huge export opportunities are available in sectors such as food that include tea, wheat and rice, pharmaceutical, iron and steel and infrastructure projects.
Keywords: India Iran trade ties