|Iranian minister invites Indian businesses to invest in Iran||
Majid Namjoo told a meeting of Indian business leaders that there were huge opportunities to do business with Iran's private sector that remains largely unaffected by sanctions imposed by the United States and the European Union.
Namjoo is on a four-day visit to India where he is meeting with government ministers and business leaders to explore the possibilities of trade and joint ventures in renewable energy, power, pharmaceuticals, agriculture and food processing.
Iran plans to export 6,000 MW of electricity to India, Pakistan
Iran plans to export 6,000 megawatt-hours of electricity to India and Pakistan, according to Namjou.
Namjou made the remarks after a meeting with Indian Power Minister Moodbidri Veerappa Moily in New Delhi on Tuesday, IRNA reported.
Namjou said that technical teams from the Islamic Republic of Iran and India will hold meetings to draw up plans for the export of 4,000 megawatt-hours of electricity to India and 2,000 megawatt-hours to Pakistan.
During Tuesday’s meeting, the two ministers also emphasized the need to expand bilateral cooperation in the energy sector.
The Iranian Energy Ministry announced on September 11 that the country had exported a total of 5,290 gigawatt-hours of electricity to neighboring countries since the beginning of the current Iranian calendar year (started March 20, 2012), which was a 46 percent rise compared with the previous year.
Electricity consumption has decreased considerably in Iran since the implementation of the subsidy reform plan, which paved the way for more electricity exports to Azerbaijan, Armenia, Pakistan, Turkmenistan, Turkey, Iraq, and Afghanistan.
The subsidy reform plan, which began in late 2010, has enabled the Iranian government to begin to gradually reduce energy subsidies over the course of five years, with low-income families compensated with direct cash handouts.
Iran seeks to become a major regional exporter of electricity and has attracted more than $1.1 billion in investments for the construction of three new power plants.
Energy-starved India remains one of Iran's biggest oil importers and has been actively searching for investment deals with the country as an ad hoc barter arrangement to pay its oil bills.
India imports around 70 percent of its oil needs, of which around 11 percent are from Iran.
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