India to go ahead with Iran plans | SupportBiz

In Brief

India to go ahead with Iran plans


In spite of the rising tension between Iran and Israel, India is confident that it wants to go ahead with its plans to strengthen business ties with Iran, reports The Hindu Business Line.

This is in spite of pressure from the US to isolate Iran. The dates for the proposed visit of the Indian trade delegation to Iran have been finalized from March 10 to 14. Nearly 30 companies – including SMEs – will be a part of the delegation, co-ordinated by the Federation of Indian Export Organisations (FIEO).

India is keen on grabbing the estimated USD8 billion opportunity that will be available to the country’s exporters via Iran, as American and European firms have halted shipments to Iran, keeping in view the recent sanctions.

Auto components, textile machinery, sugar machinery, steel ingots, heavy tyres, high-technology machines, rice, sugar, soya bean, barley, butter, wheat and red meat have been recognized to be the key sectors in boosting exports.