Iran proposes investment protection treaty with India
Iran has offered to sign a bilateral investment protection treaty with India and invited Indian corporates to invest in refineries and power plants that are likely to be disinvested.
Visiting Iranian minister for economic affairs and finance, Shamseddin Hosseini, is understood to have discussed the prospects for the treaty with his Indian counterpart, Mr Pranab Mukherjee, here on Thursday. Mr Hosseini was in Delhi for the 16th meeting of the India-Iran Joint Commission, which was co-chaired by external affairs minister S.M. Krishna on the Indian side. Earlier in the day, speaking at a function organised by Ficci, Mr Hosseini hoped the joint commission meeting would help to remove barriers to two-way trade and facilitate the flow of investments. The joint commission meeting is expected to identify joint cooperation projects such as Chabahar port in Iran, energy cooperation and trade. The mechanism was established in July 1983. The joint commission last met at Tehran in 2008. Iranian foreign minister Manouchehr Mottaki is expected to take part in the 10th foreign ministerial meeting of the Indian Ocean Rim Association for Regional Cooperation to be held in the Yemen capital of Sana’a from August 2-5. India will succeed Yemen as the IOR-ARC chair in 2011.
India has said it would welcome Iran’s participation in the Indian Ocean naval symposium. Foreign secretary Nirupama Rao has said that maritime security is a potential area of cooperation for both nations. “The Indian Ocean touches both our nations, and we cannot remain immune to the challenges that we face, including an increase in piracy off the coast of Africa, and beyond. We welcome suggestions from the Iranian side on how to carry forward a dialogue on cooperation in this area,” Ms Rao said.
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