ICCIMA, Confederation of Indian Industry pledge further economic cooperation

The Memorandum of Understanding paves the way to boost Iran-India trade relations as Tehrna is looking more eastward following the US withdrawal from the 2015 international nuclear deal and restoration of economic sanctions.

8 January 2019
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The Memorandum of Understanding paves the way to boost Iran-India trade relations as Tehrna is looking more eastward following the US withdrawal from the 2015 international nuclear deal and restoration of economic sanctions.

ICC and Confederation of Indian Industry (CII) sign MoU in New Delhi, Tuesday 8 January.

Iran Chamber of Commerce and the Confederation of Indian Industry have vowed to promote investment and joint ventures as Tehran and New Delhi advance in their bilateral economic relations.

The two sides made the agreement after signing a Memorandum of Understanding on the sidelines of India-Iran Business Forum in New Delhi. The document was signed by Mohammad Reza Karbasi, International Issues Deputy at Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and Tarun Sawhney, member of the Confederation of Indian Industry (CII) International Council.  

Tarun Sawhney, member of the Confederation of Indian Industry (CII) International Council, (left) and  Mohammad Reza Karbasi, International Issues Deputy at Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) sign trade MoU  

The two parties agreed to help each other in exchanging business delegations as well as information on all economic and commercial matters, according to the text of the document seen by Iran Chamber News.

Iran private sector and the CII are also looking at fostering small and medium sized companies (SMEs) in a bid to keep the trade afloat at a time when renewed US sanctions have targeted Iran big oil and gas business and stifled banking channels.

The non-binding MoU serves as a basis for more comprehensive Iran’s economic ties with one of Asia’s rising powers.

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