Iran has expressed its willingness to sign a bilateral investment protection treaty with India to enhance the flow of investments in both the countries and double the bilateral trade turnover to $30 billion by 2015, minister of economic affairs and finance of Iran Seyed Shamsodin Hosseini said here on Thursday.
Addressing a seminar on Investment Opportunities in Iran, organised by Ficci, Hosseini who is here to co-chair the 16th India-Iran Joint Commission meeting said, ?My mission to India in this trip is to use the capacity of the joint commission to remove all barriers to the two-way trade and facilitate the flow of investments.?
The Iranian minister accompanied by 50-member delegation comprising officials from the ministries of finance and petroleum said Iran-India trade had seen over 60% increase in the last three years from $9 billion to $15 billion. ?We need to now double the trade volume by 100% in the next five years to $30 billion,? he declared. The Iranian delegation had brought 50-60 projects in several sectors for possible joint ventures.
The visiting minister, while assuring India of Iran?s commitment to ensure sustainable energy supplies to meet India?s growing crude oil requirements, invited Indian firms to invest in Iran?s infrastructure projects, oil, gas and petrochemicals, mining and metals, automobiles, transportation and machinery, chemicals and pharmaceuticals, textiles and agriculture, especially the food industry.