Small and medium enterprises (SMEs) in India and Iran should look for reaching out each other, a step which will boost economies of both the nations, said Iranian Economic Affairs and Finance Minister Seyed Shamsodin Hosseini said in New Delhi on Thursday.

"Our small and medium enterprises can compliment and supplement each other, which will help in growth. We should facilitate our access to each other's country. We should reach out to each other and exchange delegations more than before," Hosseini said while addressing a seminar on investment opportunities in Iran,

He also mentioned that he will discuss with the Indian Finance Minister, Pranab Mukherjee to explore the possibility of initialing a Bilateral Investment Protection Treaty between the two countries.

The minister also underscored that Iran-India trade had seen over 60 percent increase in the last three years from US$ 9 billion to US$ 15 billion. “We need to now double the trade volume by 100 percent in the next five years to US$ 30 billion,” he declared saying that it is not an ambitious target.

Iran is also ready to enhance the economic relation, increase bilateral relation and investment. Iran has no limitation at all, he added.

Hosseini's trip to India is to use the capacity of the Iran-India Joint Commission to remove all barriers to the two-way trade and facilitate the flow of investments.

Iran is also committed to ensure sustainable energy supplies to meet India’s growing crude oil requirements, invited Indian firms to invest in Iran’s  infrastructure projects, oil, gas & petrochemicals, mining & metals, automobiles, transportation & machinery,  chemicals  & pharmaceuticals, textiles and agriculture, especially the food industry.

Hosseini is not only oriented to strengthen the bilateral investment cooperation in banking, insurance and new areas such as nanotechnology. But also feels that there is potential for the Indian travel and tourism industry to tie-up with Iranian firms to increase people-to-people contacts.  

He held out the commitment to Indian companies to facilitate their entry into the CIS countries, particularly in the Caucasian region comprising Russia, Armenia, Azerbaijan and Georgia.

Meanwhile, Behrouz Alishiri, Iran’s Deputy Minister of Economic Affairs and Finance also highlighted   that the Iranian delegation had selection of 60 projects covering a range of sectors which offer a huge investment potential to Indian firms.

He said that the global financial crisis had shown that there was no choice but to strengthen regional cooperation to minimize the impact of adverse global developments. “We are by your side and at your service,” he added.