Amid
sanctions, Indian business delegation heads to Iran
Friday March 09, 2012 10:01:57 PM,
IANS
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New Delhi: Amid US
sanctions and accelerated efforts by the West to isolate Iran, a
mammoth Indian trade delegation Friday left for Tehran to explore
business opportunities in the oil-rich country.
The trade delegation comprises around 70 40 businessmen and
exporters and is led by Arvind Mehta, joint secretary in the
commerce ministry, and M. Rafeeque Ahmed, president of the
Federation of Indian Export Organisations (FIEO).
They will be in Iran till March 14, government sources said. They
will hold meetings with Iranian chambers of commerce and
businessmen to explore new investment opportunities in Iran.
The visit of the trade mission comes amid accelerated efforts by
the US and the European Union to push sanctions against Iran which
is suspected of developing nuclear weapons under the guise of a
civilian atomic energy programme.
Despite the Western sanctions on Iran, India last month sealed a
payment mechanism under which Indian companies will pay for 45
percent of their crude oil imports from Iran in rupees.
Not just oil, India also plans to go ahead with refurbishing of
the Chabahar Port in Iran and a strategic railway link that will
offer it direct access to Afghanistan and the energy-rich Central
Asia.
India has taken care to insulate its multi-faceted ties with Iran
from the West's prickly standoff with Tehran over its nuclear
programme.
India has also chosen not to comment on Israeli accusations about
Iran's hand in the bombing that targeted an Israeli embassy car
last month and maintained that there is no evidence to point to an
Iranian link.
India continues to buy Iranian oil and expand economic relations
with Iran. Iran used to supply 12 percent of India's oil imports,
but for some time its share has dropped to 10 percent.
India has warned against allowing the Iran situation escalate into
a "disastrous" conflict and advocated peaceful resolution of the
issue through diplomacy.
"India's relationship with Iran is neither inconsistent with
non-proliferation objectives, nor do we seek to contradict the
relationships we have with our friends in West Asia or with the
United States and Europe," the Indian Embassy asserted in
Washington Tuesday.
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