All the Members of Council,
Dear Sir / Madam,
We wish to inform members that Council received a communication from Ministry of Commerce & Embassy of India in Iran that a High-level Trade Delegation is being organized by FIEO to Iran during 10-14th March 2012
As members may be aware, Iran is an important exporting destination for Indian Pharmaceuticals in Middle East region. Out of total Iran's import of Pharmaceuticals of USD 1562 mn (2010), India's exports to Iran are to the tune of USD 106 mn, with a share of 6.78%.
This shows that there is good potential to increase India’s exports to Iran. It is informed that to facilitate trade between the countries, India and Iran have agreed on Rupee Payment Facility. Under this facility, Indian exporters can be paid in Rupees under L/Cs opened through UCO Bank, Mumbai out of part payments for Indian oil imports. Since this amount is in India, there may not be any problems in receiving payments against L/Cs opened.
In view of the above, we advise the members to participate in the Trade Delegation being organized by FIEO in association with India-Iran Chamber of Commerce & Indian Embassy in Iran, which is lead by Shri Arvind Mehta, Joint Secretary, Department of Commerce. Interested members may please indicate their interest by a return mail to
Members may please note that since Iran falls under General Areas, there is no financial assistance available towards traveling.