Indian Economy News

Iran shows interest in strengthening ties with India in the steel and mines sector

Kolkata: Iran has evinced interest in strengthening ties with India in the steel and mines sector. This was conveyed by ambassador of the Islamic Republic of Iran, Gholamreza Ansari when he called on union steel & mines minister Narendra Singh Tomar in New Delhi on Tuesday.

During the meeting, Mr Tomar highlighted the initiatives taken by the present government in furthering bilateral and multilateral relations with different countries. In the area of steel & mines, a beginning has been made and all efforts will be made to take it forward in a concrete manner, he added.

Mr Ansari apprised the minister of an umbrella agreement that has been signed between the two countries for a rupee credit line. "This initiative will help improving business relations and Indian economy since it is for products manufactured in India. There are a lot of areas where India can help Iran and vice versa, thus complementing each other. Iran's strengths lie in energy, petrochemical, fertilizers and India is strong in steel, rail road, port development. Iran can serve as a gateway for Indian goods to Central Asia, Afghanistan and Russia. We want Indian companies in steel, mines & other sectors to come and invest in Iran," Mr Ansari said. He also requested the minister to plan a visit to Iran and in exchanging high-level delegations between the two countries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.