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Indian company: Iranian businessmen reluctant to do business

Business Materials 4 November 2019 17:53

TEHRAN, Iran, Nov.4

Trend:

UCO Bank India is currently working in Iran, so Iranian businessmen can use it, but they're reluctant because of the currency rate concerns, Regional Sales Manager of Rajoo Engineers Limited company Janak Patel told Trend.

"We have issues with payment transfers," he said.

Patel said that Iranians working in industrial sector want to place orders, but financial transactions create problems.

"People aren't able to proceed payments quickly, so it is difficult to run business like this," Patel said.

Speaking of Rajoo Engineers Limited, Patel said that the company manufactures plastic extruder machines for packaging - an import substitute for the same products from Europe.

"It is better for Iran to import the same goods from India for a more affordable price, than to buy it from Europe. We have the manufacturing technology similar to that of Europe," Patel said.

Speaking of exports to Iran, Patel said that the company did not have any export to Iran in the last two years, because "industry people in Iran are very slow in decision making".

He mentioned that Iranian industrialists want the company's machines, but because of the currency devaluation, they're postponing making a decision.

"We are working in Iran since 2005. We have 15-20 customers, but in the last two years, we couldn't have any business deals here," Patel said.

Speaking of bank transfers, Patel said that the company can take payments in Indian rupees through the mentioned UCO bank.

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