Bilateral trade between India and Iran is poised to cross $25 billion within four years, according to Hassan Nourian, the country’s Consul General in India.

Addressing a gathering here, Hassan Nourian said, “Indo-Iran trade cooperation amounts to $15 billion. Both the Governments of Iran and India have come to a conclusion that in the next four years they want to take it to $25 billion.

“We have already entered the second year. Currently, most of the exports from Iran to India are primarily based on oil and petroleum products. To offset this, both (countries) have encouraged focusing on non-oil exports in order to strike a balance of trade between the two countries,” he said. The Consulate of Iran in Hyderabad, in association with the Federation of Andhra Pradesh Chambers of Commerce and Industry has set up Chamber of Commerce for Iran Trade Promotion to promote bilateral trade.

Direct flight

About 45 per cent of the exports from Iran are paid for in rupees . The rupee payments are deposited with UCO Bank, which has tied up with five Iranian banks under the arrangement. The RBI has already created a $3-billion fund as a part of this initiative, he said.

Meanwhile, a direct flight connecting Hyderabad and the holy city of Mashhad in Iran will be launched from June 30. Iran’s Aseman Airlines will be launching the twice-a-week service, the first such direct service from a city in South India and Iran.

Currently, Iran’s Mahan Air operates four flights from Delhi and two from Mumbai. “About 50,000 Indians visit Iran, while 30,000 Iranians visit India every year,” he said.

rishikumar.vundi@thehindu.co.in

amit.mitra@thehindu.co.in

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