India And Iran on Monday strategic Chabahar A 10-year agreement has been signed for port development and provision of facilities as India looks to boost trade with West and Central Asian countries.
French news agency AFP reported that according to Iran’s Ministry of Roads and Urban Development, under the agreement, India will be able to use the port near Iran’s southeastern border for 10 years.
As a result of the deal, India Ports Global Limited (IPGL) will invest $370 million in ‘provision of strategic equipment’ and ‘development of port transport infrastructure’.
Iran’s Urban Development Minister Mehrdad Bazarpash and India’s Ports and Shipping Minister Sarbananda Sonowal signed the agreement in Chabahar city. The event was broadcast live on official media.
India had in 2016 agreed to finance the development of the Iranian port as a trade hub for Central Asia. Prime Minister Narendra Modi sought to restore economic ties with Tehran following the sanctions were lifted.
Modi and former Iranian President Hassan Rouhani were present at the signing ceremony of the Memorandum of Understanding to provide a line of credit from India’s Exim Bank for the development of the port.
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Development of the port had stalled despite sanctions relief that was reimposed in 2018 by the US following it withdrew from the landmark 2015 nuclear deal with Iran.
At the signing ceremony of the agreement, Barzpas said that ‘Chabahar can prove to be a central point in the transportation of commercial goods in the region.’
“We are happy with this agreement and we have full confidence in India,” he added.
He said that Iran and India are keen to develop the Chabahar port as much as possible and want joint access to regional markets keeping in mind the interests of both countries.
He said that this long-term agreement is a sign of lasting trust and effective partnership between India and Iran.
In 2019, before the outbreak of the Covid pandemic, the two countries had agreed to speed up the project following Indian Foreign Minister Subramaniam Jaishankar’s visit to Tehran.
Chabahar Port is located in the Indian Ocean, regarding 100 km (62 mi) west of the Pakistan border.
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2024-07-16 00:01:45
