Seeking more investment from India, Iran said that Indian businessmen should attempt to step up direct bilateral trade instead of routing them through countries in the United Arab Emirates.     

Presently, direct trade accounts for only $13 billion even though it was as high as $30 billion if trade through third countries is taken into account.     

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Today, India and Iran trade in 55 items in sectors such as auto, pharmaceuticals, engineering petroleum among others.     

"Iran has seven free trade zones. Three of these free trade zones are at Chabahar, Kish, Qeshm with close proximity to India and have all the requisite tax concessions and supporting infrastructure for India not only to invest but also use them as a hub for CIS countries," Tahery said at meeting with All India Association of Industries.     

Iran has amended Article 44 of its Constitution which lays emphasis on privatisation, decentralisation of public sector and endorses private investment.

He said the Islamic country is keen to invite investors from India as the country presently has sanctions and incentives, which could benefit India.     

The governments of Iran and India are also proposing to set up a private sector bank to promote bilateral trade that would deal in riyals and rupees.     

Indian conglomerates like the Tata Group, the Essar Group and state-run Oil and Natural Gas Corporation are exploring opportunities in the area of petrochemicals, oil & gas and mining.

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