India looking to set up Exim Bank branch in Iran
8 July 2019 - The Indian ambassador to Iran says the situation is ripe and all the groundwork has been laid at Chabahar Port so that a branch of Export-Import Bank of India opens in Iran.
Indian ambassador to Iran says the Export–Import Bank of India can operate in Iran’s Chabahar Port.
“Chabahar Port is the symbol of new relations between Iran and India and all the efforts have been made to develop economic and trade ties so that Export–Import Bank of India (Exim Bank) operates in Iran,” said Indian envoy to Iran Gaddam Dharmendra in Chabahar on Sunday.
He was speaking to the managing director of Ports and Maritime Organisation of Iran (PMO) in the south-esstern Sistan and Baluchistan Province.
The Mumbai-based Exim Bank of India is a key player in the promotion of cross border trade and investment.
India is already using the UCO Bank to handle the financial transactions with Iran under the US sanctions.
New Delhi is also in talks with Industrial Development Bank of India (IDBI) to join the Special Purpose Vehicle (SPV) to clear the trade exchanges with Iran under the renewed unilateral US sanctions.
India has leased the Shahid Beheshti Port in Chabahar for 10 years to handle its exports and imports to Afghanistan, Iran and Central Asia.
Behruz Aqai, Managing Director of Ports and Maritime Organisation of Iran (PMO) in Sistan and Baluchistan Province, called on India to further promote the Chabahar Port to attract more Indian investment.
Petrochemical sector and downstream industries can be attractive for regional countries to invest in Chabahar Port, according to Dharmendra.
Aqai said the 1,200 hectares of land in Chabahar Free Trade Zone (FTZ) has been designated for construction of a petrochemical plant, saying the provincial PMO has selected one special area for loading and unloading petrochemical products.