India’s UCO Bank to Open Tehran Office

India’s UCO Bank Ltd will open its Tehran office by the yearend, Iran’s Foreign Minister Mohammad Javad Zarif said, citing a top official with the Central Bank of India as saying. 

Speaking at a joint economic forum in New Delhi on Saturday, Zarif regarded the prospective move as a significant step toward improving bilateral relations between Iran and India, IRNA reported. 

“As the backbone of economic ties, it’s my hope to see mutual banking cooperation make rapid headway,” he said. 

Also present at the forum was Gholamhossein Shafeie, the head of Iran Chamber of Commerce, Industries, Mining and Agriculture, who leads representatives of 38 companies affiliated to ICCIMA in the visit to the South Asian country. Fifteen startup firms and eight banks are also accompanying the foreign minister.

“Bilateral trade between Iran and India has the potential to grow to $30 billion a year,” Shafeie said while addressing the New Delhi forum.

According to the Islamic Republic of Iran Customs Administration, bilateral non-oil trade stood at $4.8 billion in the last Iranian year (ended March 19, 2016), down 32% compared to the year before. IRICA’s latest statistics on two-way commerce show Iran exported 5.1 million tons of non-oil goods worth $1.6 billion to India during the seven months to October 21, to register a 3% increase in value year-on-year. Imports stood at 762,000 tons worth $900 million, indicating a 36% decline. Iran’s exports to India mainly include gas condensates, petrochemicals, steel products, gypsum, date and pistachio. Imports mostly include rice, steel products, iron ore, aluminum oxide, industrial machinery, pharmaceuticals, tea, banana, paper and wood. 

Following his trip to India, Zarif will visit China and Japan.