Iran and India Chart Bold Trade Expansion: From Chabahar to Fintech, New Frontiers Emerge

Hossein Bamiri, Iran’s commercial attaché in India, pointed out that Iranian exports to India have been largely confined to a few items like dates, pistachios, almonds, and petrochemical products. He urged Iranian enterprises to modernize their business practices, adopt international trade standards, and expand into service exports to tap the full potential of India’s vast market.

Khalid Khan of the Iran Trade Center in Mumbai echoed the sentiment, emphasizing the need for renewed commercial engagement. He noted that opening up Chabahar Port further to Indian traders could be a game-changer, provided it’s supported by coherent policy measures and timely cooperation.

Former Malaysian prime ministerial advisor Masoud Ebrahim Shah praised India’s export capacity and emphasized trade exhibitions as strategic platforms for long-term partnership building.

In a separate but related meeting, Mahmoud Najafi Arab, head of the Tehran Chamber of Commerce, met with Indian Ambassador Rudra Gaurav Shresth and key business leaders to explore actionable strategies for boosting bilateral economic relations. The discussions focused on boosting trade in non-sanctioned goods and enhancing regional and provincial trade partnerships.

Najafi Arab called for expediting the preferential trade agreement between the two countries, lowering tariffs, and pursuing joint ventures in high-potential sectors such as organic farming, smart agriculture, food security, biotechnology, blockchain, and financial technology.

He also proposed establishing a joint Iran-India private sector consortium to support maritime and transit infrastructure projects, including collaboration with Russia on the International North–South Transit Corridor (INSTC). Active participation in industrial expos and trade events in both countries was strongly encouraged.

Fereydoun Vardinejad, Secretary General of the Tehran Chamber, underscored the role of subnational economic collaboration. He suggested launching virtual business matchmaking meetings and recommended setting up a dedicated “green channel” for fast-tracking business visas between the chamber and the Indian embassy.

Ambassador Shresth acknowledged the strain U.S. sanctions on Iran have also placed on Indian businesses. Despite limitations on mandating private sector involvement, India’s investment in Chabahar Port signals its commitment to deeper economic engagement with Iran.

Currently, bilateral trade is estimated at around $5 billion, but the ambassador expressed optimism that trade could double within three to four years if both sides focus on sanction-exempt sectors like agriculture, food products, and pharmaceuticals. He also suggested converting the existing preferential agreement into a comprehensive free trade pact.

Representatives from India’s South Gujarat Chamber of Commerce highlighted their region’s strength in textiles, diamonds, agriculture, and handicrafts, and extended an invitation to Iranian firms to participate in an upcoming expo in August. They also proposed signing a partnership agreement with the Tehran Chamber to further boost ties.

The conference and meetings concluded with both nations signaling a strong commitment to scaling up trade through strategic planning, diversification, and regional collaboration.