Tehran, New Delhi keen to enhance economic ties

TEHRAN, Feb. 5 (MNA) – Iranian minister of economic affairs and finance called for an increase in the annual trade between Iran and India which currently stands at $13 billion.

The Mehr News Agency reported in a meeting between Shamseddin Hosseinei and Ms. Nirupama Rao Indian Secretary of Foreign Affairs, both sides reiterated the need for expansion of economic relations.

The Iranian official pointed out that large and lucrative business opportunities existed in Iran in the fields of power plants, petrochemicals, gas and oil.

He stated that in the past three years the trend of privatization had gained momentum in Iran, thus creating a base for foreign investment, especially by India.

Hosseini highlighted the implementation of Article 44 of the Constitution calling for privatization of oil refineries and power plants in the country while reiterating that the privatization of such industries will speed up in the following months.

Meanwhile, Rao underlined the participation of Indian firms in oil and gas projects in Iran and said the current $10 billion business in this field could significantly increase.

She stated that tourism is another field that both countries should invest on thanks to the rich history and tourist attractions that the two states have.

The 16th joint commission between Tehran and New Delhi will be held in the Indian capital in May.