In spite of sanctions by the US and increasing isolation of Iran by global players, India has decided to stick to its decision of improving ties with the country. Business leaders from India and Italy have pledged to strengthen the trade ties between the two countries.
Secretary General of the Tehran Chamber of Commerce announced that the present potential of trade between Iran and India far exceeds the current volume of bilateral trade.
Rashid Alvi, the head of the business delegation visiting Iran, stated that increased economic and political co-operation between India and Iran will not only benefit the two countries, but also contribute towards increased peace and security in the world.
A delegation of 80 Indian businessmen is currently in Iran, reports the Deccan Chronicle, where a number of discussions are slated to be held.
The delegation will be in Iran till March 14. It will meet with the Iranian chambers of commerce and businessmen there, with the aim of exploring new investment opportunities in the country.
India has continued to import oil from Iran and expand its trade relations with Iran, in spite of growing opposition in the global market. Also, India has decided not to comment on accusations by Israel about Iran's involvement in the bombing of an Israeli embassy car in February. It has maintained that no evidence has been found to prove Iran’s being involved in the crime.
In February 2012, Iran agreed to receive 45 percent of payment for the sale of crude oil to India in rupees.
Bilateral trade between the two countries is presently recorded at USD15 billion, which is anticipated to reach USD25 billion by 2016, stated Arvind Mehta, joint secretary of India’s Commerce and Industry Ministry.