Iranian minister pitches for joint manufacturing with India

Iran on Thursday pitched for joint manufacturing activities with India across industries, saying there are a lot of opportunities for the two countries.Irans Deputy Foreign Minister for Economic Relation Mehdi Safari also sounded hopeful of an enhanced bilateral trade with India this year.There are a lot of opportunities...

Iran on Thursday pitched for joint manufacturing activities with India across industries, saying there are a lot of opportunities for the two countries.

Iran's Deputy Foreign Minister for Economic Relation Mehdi Safari also sounded hopeful of an enhanced bilateral trade with India this year.

''There are a lot of opportunities... (that) they have in the products and industries, are complementary to each other. Especially in high technology, India is very good and we are very good in (the area of) bio, nano, and kinetic (technology),'' Safari told PTI here.

According to him, this is a joint and common area in which both countries can have common manufacturing in India or Iran and promote exports to other countries.

''But we believe that in Iran for such industry, which I mentioned, they (Indian companies) can come (and set up joint facilities) as Iran has 15 neighbours with more than 400 million people,'' Safari said.

''Of course, India's population is high but in this area with 15 neighbouring countries with different tastes, Iran can be a focal point for such manufacturing to export to these countries...,'' the minister said.

He was speaking on the sidelines of an event jointly hosted by All India Association of Industries (AIAI) and WTC Mumbai.

Safari also said the Iranian Port of Chabahar can be a focal point to start investments for the North-south corridor as well as in other areas.

The International North-South Transport Corridor (INSTC) is a 7,200 kilometres-long multi-mode transport project for moving freight among India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe.

INSTC is India's vision and initiative to reduce the time taken for EXIM shipments to reach Russia and Europe, and enter the Central Asian markets.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)