Indian delegation to scout for Iran opportunities

India is planning to seize the trade opportunity in Iran in wake of the sanctions by the European Union and the US

Written by ENS Economic Bureau | New Delhi | Published:February 10, 2012 1:16 am

India is planning to seize the trade opportunity in Iran in wake of the sanctions by the European Union and the US. The country is likely to send a trade delegation comprising officials and businessmen by the month-end to evaluate the business opportunity presented by the recent sanctions on Iran over its controversial nuclear programme and fill in the vacuum created.

“We will be mounting a mission to Iran at the end of the month to promote our own exports. A huge delegation will be going,” Commerce Secretary Rahul Khullar told reporters here today without giving any details. However,official sources said that India can tap the huge potential presented by Iran in wide ranging sectors including food,pharmaceuticals,tea,medicines,iron and steel,wheat and rice.

India,which is a huge importer of crude oil from Iran,has been maintaining that it will honour only those sanctions which are imposed by the United Nations. India imports about 370,000 barrels per day of crude oil from Iran. “If Europe and the US want to stop export to Iran,why should India follow the suit. Why shouldn’t we tap that opportunity,” the official said.

Also,the official explained that there is a whole range of items not covered by the sanctions imposed by the UN which India can export. “Huge business opportunity has opened up in Iran. We want to snap up the opportunity and grab the place vacated by the EU and US,” the official said.

Earlier,Finance Minister Pranab Mukherjee during his US visit had said that India will not scale down its imports from Iran despite the sanctions.

“It is not possible for India to take any decision to reduce the imports from Iran drastically,because among the countries which can provide the requirement of the emerging economies,Iran is an important country amongst them,” he had maintained.

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