Against the backdrop of strong trade ties between the two countries, it’s only appropriate that a chamber of commerce and industry be formed to promote business and commerce between India and Iran. Therefore, the Indo-Iran Chamber of Commerce and Industry was established in 2014 with 12 board members. The Chamber’s objective is to largely promote bilateral trade ties between the two countries. This trade would be in areas that include but are not limited to mining, petroleum, chemical and pharmaceutical, medicine, agriculture, innovation and information technology, construction and infrastructure, automotive, education, biotechnology, banking, apparel and accessories, telecommunication, publishing, health and sports, aerospace, broadcasting and tourism.
The Indo-Iran Chamber of Commerce and Industry will now spearhead and tap the huge potential for business and commerce between both the nations. India and Iran have a strong trade relationship dating back to centuries. In fact, culturally too the countries have shared much in common. India exports rice, machinery & instruments, metals, primary and semi-finished iron & steel, drugs/pharmaceuticals & fine chemicals, processed minerals, man made yarn & fabrics, tea, organic/inorganic/agro chemicals, rubber manufactured products, etc., to Iran
Iran on the other hand exports crude oil, urea, saffron and rubber manufactured products to India. During the financial year 2012-2013 (April-Dec 2013), total trade between the two countries was to the tune of $10539.72 million. During the same period India imported from Iran to the tune of $8471.64, while India exported to the tune of $2068.08 million.