Iran invites investment from Indian steel, mine firms

Aimed at strengthening bilateral business ties, Iran today invited Indian steel and mine companies to invest in that country.

"We want Indian companies in steel, mines and other sectors to come and invest in Iran," its ambassador to India Gholamreza Ansari said at a meeting with Steel and Mines Narendra Singh Tomar.

"Iran's understanding is that the new government is energetic and interested in improving business with neighbouring countries. There can be lot of areas where India can help Iran and vice versa, thus complementing each other," he added.

Iran's strengths lie in energy, petrochemical, fertilisers; while India is strong in steel, rail road and port development.
 

Ansari said Iran can also serve as a gateway for Indian goods to central Asia, Afghanistan and Russia.

He also discussed with Tomar of an umbrella agreement that had been signed between the two countries for rupee credit line.

"This initiative will help improving business relations and Indian economy since it is for products manufactured in India," he added.

Tomar elaborated on areas like railway network, technology tie-ups and port development, where the two countries can work together.