India’s UCO Bank to Open Tehran Office
India’s UCO Bank to Open Tehran Office

India’s UCO Bank to Open Tehran Office

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.


Short URL : https://goo.gl/212HFG
  1. https://goo.gl/mxTnXc
  • https://goo.gl/PuDglB
  • https://goo.gl/66vV4r
  • https://goo.gl/YrjsYS
  • https://goo.gl/EXTXP9

You can also read ...

Indian Cabinet Clears Tax Treaty With Iran
The Indian Cabinet on Wednesday cleared a double taxation...
(From L) Foreign ministers of Azerbaijan, Elmar Mammadyarov; Georgia, Mikheil Janelidze; Iran, Mohammad Javad Zarif; and Turkey, Mevlut Cavusoglu meet in Baku on March 15.
The foreign ministers of Turkey, Azerbaijan, Georgia and Iran...
Iran National Pavilion Opens  in Shanghai Free Trade Zone
Iran National Pavilion has been launched in the Shanghai Free...
Iran is estimated to have at least 5 million iOS handset users.
While local and foreign media reported that Iranian iPhone...
Iranian Banks Allowed to Guarantee Investments in Oman
The Central Bank of Iran has allowed lenders to issue...
Spotify Touts Growth Over Profits in Listing Pitch to Retail Investors
Streaming music leader Spotify used its cultural cool factor...
Farshad Heydari (C) addresses a press conference in Tehran. 
The controversy surrounding the high number of Iranian bank...
Facebook Bans Far-Right British Group
Facebook has banned the far-right political group ‘Britain...

Add new comment

Read our comment policy before posting your viewpoints