Iran welcomes Punjab business

The ambassador of Iran, Yaghoubi, today addressed the members of the PHD Chamber of Commerce and Industry (PHDCCI) and invited entrepreneurs of Punjab, Haryana, and Chandigarh to set up joint ventures in Iran, particularly because "for India there is no red tape in Iran". Cheap energy and access to Central Asian markets make investment a viable proposition.

He said the Hindujas were developing a port in Iran, which should provide access to these markets. Currently, projects in the petro-chemical sector of $1.5 billion are being finalised with Indian companies. Total investments in projects being discussed are in the range $5-11 billion.

Yaghoubi welcomed the proposal of pharmaceutical companies in the Chandigarh region to set up joint ventures and to facilitate the export of pharmaceutical products from India by simplifying procedures.

The Iranian ambassador acknowledged the difficulties in trading with Iran on account of a lack of smooth banking channels, highlighted by R S Sachdeva, co-chairman, Punjab chapter, PHDCCI. He said under the constitution of Iran, joint venture banking operations could be established and bank branches set up in the free trade zones.

The chamber urged the Iranian ambassador to give special preference to exports from India in automotive components, vehicles, and processed foods.

He said Punjab was attractive for the Iranians and the number of tourists, 10,000 now, could be increased.

Sachdeva said the industries in which the northern region had expertise and could help Iran were textiles, cement, paper pulp, sugar, pharmaceuticals, chemicals/petrochemicals, tea processing, rubber, light engineering, and electronics.