17:35, 13 May 2024
India and Iran have signed a significant 10-year contract to develop and operate the strategic port of Chabahar. This move is aimed at boosting trade relations between the two countries and opening up new transport routes to Afghanistan and Central Asian nations. Despite facing challenges due to U.S. sanctions on Iran, India has continued its efforts to enhance the infrastructure of Chabahar port.
The agreement was signed by India’s Shipping Minister Sarbananda Sonowal and authorities from the Port & Maritime Organisation of Iran. The contract involves Indian Ports Global Limited (IPGL) investing around $120 million in the port’s development, with an additional $250 million in financing, bringing the total value to $370 million.
This deal not only strengthens the economic ties between India and Iran but also plays a key role in establishing a reliable and efficient trade route in the region.
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