Dr. Seyyed Shams al-Din Hosseini, the Minister of Economy and Finance of I.R. Iran met with visiting Indian Foreign Secretary Nirupama Rao and the two discussed the bilateral economic and trade ties.
According to the Public Relations Department of the Organization for Investment, Economic & Technical Assistance of Iran (OIETAI), Mr. Hosseini said in the meeting: “Iran-Indian ties in the energy sector have seen good progress. However, the existing cooperation level which currently stands at 13 billion dollars can be elevated”.
Referring to Article 44 of the Iranian Constitution, and the grounds existing for various types of cooperation including on petrochemicals, oil and gas the Iranian Economy Minister, Minister reiterated: “privatization has sped up in the last three years and will be even further accelerated in the next few months. A new climate has been created for investments to be made by the private sector and foreign companies especially the Indian ones in various industries of Iran. Now, the Indian investors can buy petrochemical factories here or build petrochemical industries”.
Mr. Hosseini expressed hope that with the finalization of agreements on giving incentives and support to foreign investors as well as the agreement of avoidance of double taxation, the mutual cooperation will rise.
The Economy Minister also referred to the 16th meeting of the Joint Economic Commission of Iran and India to be held in New Delhi in May and said: “Iran is ready to hold a seminar on introducing the investment opportunities in Iran to the Indian private sector on the sidelines of the meeting”.
Ms. Nirupama, the Indian Foreign Secretary called the relations between India and I.R. Iran as friendly and expressed hope that her consultations with the Iranian officials and the holding of joint commissions will further enhance the Iran-India relations.
She went on to thank the Iranian Minister for managing the Joint Commission meetings and made mention of the significant presence of Indian companies in the oil and gas sectors of Iran and noted that based on the negotiations held between the two sides, the Indian companies are now willing to be present in the energy sector especially in oil and gas fields, phase 12 project in south Pars field as well as in LNG production
The Vice Foreign Secretary of India concluded: “during the 16th meeting of the Joint Economic Commission of Iran and India, the opportunities for investments in Iran will be looked into in greater detail