Iran and India signed an agreement to develop Chabahar port for 10 years

Iranian Minister of Roads and Urban Development Mehdad Bazpash and India's Minister of Ports, Shipping and Waterways Sarbananda Sonowal signed a ten-year agreement in the Iranian capital, Tehran, on Monday.

The two parties agreed to enter into a joint venture with Indian Ports Global Limited (IPGL) for the equipment and operation of a cargo and container terminal at Shaheed Beheshti Port in Chabahar.

Under the agreement, Iran's Ports and Maritime Organization (PMO) will transfer part of Chabahar Shahid Beheshti Port's vessels and container facilities to India for 10 years. India will invest $120 million in strategic equipment  and $250 million.

Both sides are committed to fulfilling their obligations to facilitate the transition of the North-South international transport corridor, to develop routes between the  two ports, and attracting cargo. “Chabahar can… become a hub for cross-border development. We are happy with this agreement and very confident in India," said Bazpash.

"This agreement is the beginning of the further development of trade between the two countries and India's access to Afghanistan and Central Asia, Turkey, Azerbaijan and Europe through the port of Chabahar  will be easier," he added. .

Sonowal hailed the long-term deal as a sign of "stable and fruitful relationship" between India and Iran.  "Iran and India are working to develop the Chabahar port as much as possible, keeping in mind the needs of both countries to access  regional markets," the Indian minister said. after signing the agreement.

The importance of 'Chabahar Port' goes beyond its role as a major route between India and Iran; "This port is also an important trade point connecting India to Afghanistan and Central Asian countries," he added. - Such connectivity will open up new  trade opportunities and increase the efficiency of supply chains throughout the region.

India agreed to pay for Iran's port construction in 2016, but the deal ended two years later due to the reimposition of US sanctions  after Washington pulled out of the deal. nuclear 2015 and Iran.

India's contribution to the development of Chabahar is part of New Delhi's policy of using Iran's transportation network to facilitate trade with Afghanistan and other countries in  Central Asia.

India also believes that the development of Chabahar Port, Iran's only  port,  can be matched with China's investment in Pakistan's Gwadar region.