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FICCI signs MoU with Iran Chamber Avoidance of double taxation and extension of preferential tariff will boost Iran-India trade and investment: Iran's Economy & Finance Minister
Feb 17, 2018
NEW DELHI, 17 February 2018. Dr. Masoud Karbasian, Minister of Economic Affairs and Finance of the Islamic Republic of Iran, said heretoday that enforcement of the double taxation avoidance agreement and extension of preferential tariff would give a fillip to trade and investment between Iran and India.
Dr. Karbasian was addressing an interactive meeting with Indian and Iranian business leaders, organised by the Federation of Indian Chambers of Commerce and Industry of India.
The Iranian Minister said his country has always been a reliable and safe provider of petroleum and natural gas to Indian oil companies and expressed confidence that the Trilateral Transit and Transport Agreement between Iran, India and Afghanistan will give a fillip to Iran-India trade and investment.
He said that the OECD had projected a positive outlook for the Iranian economy which is targeted to grow at 8% this year. Due to Iran's capacity to create a knowledge economy owing to its young and skilled workforce, education and scientific talent of global standards, the private sector from both sides need to intensify their collaboration reap mutual benefits.
On the occasion, FICCI and Iran Chambers of Commerce, Industry, Mines and Agriculture (ICCIMA) signed an MoU to further strengthen economic relations by expanding and deepening commercial, trade and investment cooperation.
Mr. Gholam Hossein Shafei President, ICCIMA, in his remarks, underlined the need for elimination of discriminatory trade tariffs and banking irritants to lay the foundation of sustainable economic and business relations between the two countries. He urged Indian business to take advantage of the investment opportunities that Chabahar port will throw up.
Mr. V. S. Sahney, Senior National Executive Member, FICCI and Chairman, Sun Group, pointed out that Chabahar Port, 72 kms. west of Pakistan's Gwadar Port, held immense strategic and economic significance for India, which has already spent US$ 100 million to construct a 218 km-long road from Delaram in western Afghanisatn to Zaranj on the Iran-Afghan border to link up with Chabahar. India, he said, would have to use the Chabahar project as a lynchpin to integrate it with its larger connectivity project - the International North South Transport Corridor.
Ms. Ambika Sharma, Director General, International, FICCI, stated that FICCI was engaged in exploring new avenues for enhancing two-way business relations. FICCI, she said, could partner with Iran in the area of people-to-people contact and trade and commerce. She emphasised that transit and connectivity, infrastructure, oil and gas, petrochemicals, steel and machinery and agriculture were the primary areas for cooperation.
In terms of the MoU, FICCI and ICCIMA will exchange information on economic and commercial matters which will enhance co-operation between Indian and Iran enterprises, in particular, about products and industrial processes, offers and requests for joint ventures and identification of possible partners.
The MoU was signed by Ms. Ambika Sharma on behalf of FICCI and Mr. Mohammad Reza Karbasi, Vice President, International Affairs, ICCIMA.
Both organisations will support activities such as seminars, conference, business meeting in India and Iran, respectively. The two organizations will also facilitate exchange of eminent scholars and business professionals.
The MoU envisages that as a trade promotion exercise, both organisations will support trade delegations and coordinate the programme for the visiting delegations in India and Iran.