In his speech at the banquet hosted in honour of visiting Iranian President Hassan Rouhani, Kovind expressed happiness over the deepening of relationship between the two countries.
He said, "Our bilateral trade has expanded. Our energy partnership is growing. Irans abundant hydrocarbon resources and Indias rapidly growing energy demand provide new opportunities."
As developing nations facing similar challenges, India and Iran have much to share and gain from each other, Kovind said.
He said both the countries have shared interest in peace, stability and security in the region.
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"Terrorism poses a constant and daily challenge to our peace-loving society. Our people have been suffering its violent and inhuman brutality. Let us join hands, firmly and decisively, to defeat these forces."
He assured India's complete support to Iran and said the two countries have expressed strong willingness to lift bilateral relations to a higher level.
"We have stood by Iran during difficult times, and we will continue to support and stand by you in the future. There is strong willingness in our two countries to lift our relations to a higher level," the president said and recited a couplet in Urdu which meant "where there is a will, there is a way. Let us walk the path together".
"These would directly impact the welfare of common people as we have recently seen with the wheat shipment sent to Afghanistan," he said.
The president said in Persian that Iran and India are very old friends and "we wish to remain so ever".
Kovind started his speech with Rabindranath Tagore's views about Iran who had described Persia as an everlasting inspiration. The thought and wisdom of great Persian luminaries deeply moved him.
The president said Tagore described Indo-Iranian people as 'one' who like a giant river got divided into two streams, one finding its destination to the west of Hindukush and other pouring into the plains of India.
The president said on these strong and deep-rooted cultural links, both the countries have built a modern partnership.