NEW DELHI (Press Shia Agency) – India’s Road, Transport and Highways Minister Nitin Gadkari said on Tuesday that his country has allowed an Iranian bank to open a branch in Mumbai in a bid to facilitate bilateral trade between the two countries.

– Politics news –

According to Press Shia Agency dispatches, Gadkari said his meeting earlier in the day with visiting Iranian Foreign Minister Mohammad Javad Zarif was very good.

The Indian government has allowed an Iranian bank to open a branch in Mumbai within the next three months to facilitate financial exchanges between Tehran and New Delhi, he said.

“We had detailed discussions… Our meeting was very fruitful and we have resolved a lot of issues,” the Indian minister said.

He further pointed to India’s cooperation with Iran in the southeastern Iranian port of Chabahar and expressed confidence that the port will reach its full function soon. 

Heading a diplomatic and economic delegation, Zarif arrived in India on Monday evening for a three-day visit.

India Ports Global and Aria Banader Iranian Port signed a deal in May 2016 to equip and operate containers and multi-purpose terminals at Shahid Beheshti port in Chabahar with the capital investment of $85.21 million and annual revenue expenditure of $ 22.95 million on a 10-year lease.

Chabahar is the closest and best access point of Iran to the Indian Ocean and Iran has devised serious plans to turn it into a transit hub for immediate access to markets in the northern part of the Indian Ocean and Central Asia.

It aims to create a reliable transport corridor for the smooth transport and transit of goods and services through Chabahar Port between Afghanistan, India, and Iran.