India & Iran Holds Great Prospects of Trade Synergies: Iran's Ambassador to New Delhi

Historic values of India's international trade exchange with Iran shows some great takeaways. This relationship never experienced any turbulence. PHD Chamber of Commerce and Industry organised an interactive webinar on ‘India - Iran Business Promotion, Challenges and Opportunities’ on 27th October 2020.

In the Inaugural Session, H.E. Dr. Ali Chegeni, Ambassador, Embassy of the Islamic Republic of Iran, New Delhi said, “We believe in mutual legal assistance agreement in the civil and commercial matters which will help in enhancing trade and business relations between the two countries.”

H.E. Dr. Ali Chegeni while deliberating about the historical, cultural, and geographical ties between the two nations, mentioned that the PTA agreement needs to be processed for facilitating trade at the same time reducing tariffs. He highlighted that increasing trade relation by leveraging business barter deals will be a welcome step between the two countries.

He also mentioned that this is the best time to invest in business and trade ventures in Iran, especially in sectors like oil, energy, and agriculture products.

H.E. Gaddam Dharmendra, Ambassador, Embassy of India, Tehran, Iran mentioned that air and marine connectivity is one of the factors in enhancing relations between the two countries. Chabahar port is the new Taj Mahal of Iran and will help in the facilitation of Indian trade relations especially in Central Asian countries to help maintain the supply chain, increase trade and traffic.

He highlighted that the need of the hour is to expand and diversify trade in the sectors like oil, paper, printing, packaging, and agri-products. Indian and Iranian companies are working on sectors like rice, saffron, tea, dry fruits, fruits and it's the right time to enter into joint ventures for increasing investments.

Sabeer Nazeem, Chief Representative – Iran Representative Office, UCO Bank in Iran talked about the impact of the pandemic on both the countries that are forming challenges and opportunities. He also talked about the business opportunities available in Iran for Indian companies.

Masoud Khansari, President, Tehran Chamber of Commerce and Industry, Mines and Agriculture (TCCIMA) mentioned that India is considered as one of the fastest-growing economies in the world and has been one of the largest export sources for Iran.

He said that in current circumstances, while the impact of coronavirus in the global economy has been devastating so far, India and Iran can work together to take appropriate measures and tackle reverse challenges raised by Covid19. He also mentioned that to increase the bilateral trade relations, there is a need to strengthen financial and banking services in both nations.

Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry talked about the friendly relations shared between the two countries since history, growing into a multifaceted manner. He also mentioned that Iran is the second-largest supplier of crude oil to India and both countries actively participate in education-cultural exchanges with each other.

The Inaugural session witnessed the participation of over 233 industry members including over 150 Iranian companies, The Virtual B2B Meetings will be held on 27 and 28 October 2020 between Indian and Iranian companies.