The media in New Delhi say Iran has made it clear to India, Turkey and China that it wants to cooperate with them in seven key sectors including mining, petrochemicals and food.

Iran has accorded India priority status for trade and investment in acknowledgement of the country's support during tough times when the United States and European Union had imposed economic and military sanctions on it, reported the Economic Times of India.

"Iran wants to reinforce its relationship with countries which stood by it during its difficult times. Hence, it is reciprocating by giving preference to them," Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO), has been quoted as saying by the daily.

It further said there has been a moderate increase in trade between Iran and India over the past year.

In 2014-15, India's exports to Iran stood at $4.17 billion while the imports amounted to $8.95 billion, an increase from $1.44 billion and $7.61 billion, respectively, during 2006-07.

The Economic Times further emphasized that New Delhi’s plan to make investments in several of Iran’s key projects including one for the development of Chabahar port are further indications of satisfactory trade ties between the two countries.

The daily also said India can look into other areas of trade with Iran including the pharma and IT industries.

“For India, Iran can provide the market that could provide an impetus for its Make in India initiative,” it wrote.

“While the past is something that New Delhi can, and must, leverage, it also needs to move decisively to secure opportunities for its businesses, and to secure its strategic interests in Central Asia,” the daily concluded.