Economy, Business And Markets

Iran, India Set to Expand Ties

Iran, India Set to Expand TiesIran, India Set to Expand Ties

Iranian businesses are interested in investing in India’s steel and mining sector, said Iran’s ambassador to New Delhi, Gholamreza Ansari, during his meeting with India’s steel and mines minister, Narendra Singh Tomar, in New Delhi on Tuesday.

According to IRNA, during the meeting, Indian officials highlighted the initiatives taken by the government of Prime Minister Narendra Modi in expanding trade ties with different countries.

The Iranian envoy, for his part, mentioned the recent agreement that has been signed between the two countries for a rupee credit line. “The initiative will help improve business relations between the two countries,” Ansari said, adding that India can start joint projects in Iran in various industries, including steel, railway construction, and development of ports. Tehran, he said, could help New Delhi in areas such as energy, petrochemical products, and fertilizers.

Iran can serve as a gateway for Indian goods to Central Asia, Afghanistan and Russia, the ambassador said, adding that Iranian officials welcome Indian companies coming to invest in steel, mining and other sectors.

Ansari invited the Indian minister to visit Iran in the near future to finalize agreements on expansion of bilateral trade ties.