Azernews.Az

By Sara Rajabova

Iran plans to boost economic ties with neighboring India, head of Tehran's Chamber of Commerce Yahya Al-e Es'haq said on Sept. 11.

"New Delhi is one of the most important trading partners of Tehran," the IRIB News Agency reported.

He went on to say that during the recent visit of an Indian delegation, the two sides negotiated possible ways to boost bilateral relations.

"We've reached agreement with the Indian business people to boost ties in the steel industry," Al-e-Es'haq said.

The two sides are expected to exchange business delegations in the near future.

India is among Asia's major importers of energy and relies on Iran to meet a portion of its energy demands.

Iranian Oil Minister Bijan Namdar Zanganeh said earlier that there are appropriate grounds for further cooperation between Iran and India in the oil and gas sector.

India-Iran economic and commercial ties have traditionally been buoyed by Indian import of Iranian crude oil. India's crude oil imports from Iran increased by 21.1 per cent in June 2013 compared to a year earlier.

India and Iran are making robust efforts to renew and strengthen the bilateral economic and trade relations. The relationship between the two countries has evolved into a significant partnership in the economic and commercial sphere. At the same time, Indians have emerged as important investors in Iran, and India as an important export destination for the Iran manufactured goods.

India's exports to Iran include petroleum products, rice, machinery & instruments, manufactures of metals, primary and semi finished iron & steel, drugs/pharmaceuticals & fine chemicals, processed minerals, manmade yarn & fabrics, tea, organic/inorganic/agro chemicals, rubber manufactured products, etc.

During the current financial year i.e. April-Dec, 2012-13, exports are to the tune of US $ 2068.08 million whereas the imports from Iran are to the tune of US$ 8471.64 million. The total trade is US $ 10539.72 million.