The contract was signed in Tehran by India Ports Global Limited (IPGL) and Ports and Maritime Organization of Iran in the presence of Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, Embassy of India in Iran.
Under the agreement, state-owned IPGL will invest about $120 million, while an additional $250 million will be financed, bringing the value of the contract to $370 million, Mehrada Bazarpash, Iran's minister of roads and urban development, told reporters in Tehran. ,
The agreement was signed in the presence of Sarbananda Sonowal, who had visited Tehran for this important event amid the busy Lok Sabha election campaign.
Sonowal said that with the signing of the agreement, both countries have laid the foundation for India's long-term involvement in Chabahar.
The new agreement replaces an earlier agreement signed in 2016, allowing India to operate the Shaheed Beheshti terminal in Chabahar port, which was ad-hoc by nature and had to be renewed every year.
Sonowal said after signing the agreement, "The importance of Chabahar port goes beyond its role as a mere medium between India and Iran; it also serves as an important trade artery connecting India with Afghanistan and Central Asian countries. Works in.,
“The signing of this contract will have a multiplier effect on the viability and visibility of Chabahar port,” Sonowal said. Look."
India is developing a terminal at the port in Chabahar to transport goods to Iran and landlocked countries like Afghanistan, Kazakhstan, Uzbekistan. The new agreement with Iran will open a trade route between South Asia and Central Asia through Iran, bypassing Karachi and Gwadar port in Pakistan.
Chabahar port is planned to be linked to the International North-South Transport Corridor (INSTC) that connects India to Russia via Iran, giving India access to the Central Asian region.This would be an alternative route bypassing the congested Persian Gulf and Strait of Hormuz sea routes.
The development comes at a time when China is keen to increase investment in ports and other coastal infrastructure in Iran.
Meanwhile, External Affairs Minister S Jaishankar said in Mumbai that the agreement will provide avenues for larger investments and greater linkages to the port.
Under the agreement, state-owned IPGL will invest about $120 million, while an additional $250 million will be financed, bringing the value of the contract to $370 million, Mehrada Bazarpash, Iran's minister of roads and urban development, told reporters in Tehran. ,
The agreement was signed in the presence of Sarbananda Sonowal, who had visited Tehran for this important event amid the busy Lok Sabha election campaign.
Sonowal said that with the signing of the agreement, both countries have laid the foundation for India's long-term involvement in Chabahar.
The new agreement replaces an earlier agreement signed in 2016, allowing India to operate the Shaheed Beheshti terminal in Chabahar port, which was ad-hoc by nature and had to be renewed every year.
Sonowal said after signing the agreement, "The importance of Chabahar port goes beyond its role as a mere medium between India and Iran; it also serves as an important trade artery connecting India with Afghanistan and Central Asian countries. Works in.,
“The signing of this contract will have a multiplier effect on the viability and visibility of Chabahar port,” Sonowal said. Look."
India is developing a terminal at the port in Chabahar to transport goods to Iran and landlocked countries like Afghanistan, Kazakhstan, Uzbekistan. The new agreement with Iran will open a trade route between South Asia and Central Asia through Iran, bypassing Karachi and Gwadar port in Pakistan.
Chabahar port is planned to be linked to the International North-South Transport Corridor (INSTC) that connects India to Russia via Iran, giving India access to the Central Asian region.This would be an alternative route bypassing the congested Persian Gulf and Strait of Hormuz sea routes.
The development comes at a time when China is keen to increase investment in ports and other coastal infrastructure in Iran.
Meanwhile, External Affairs Minister S Jaishankar said in Mumbai that the agreement will provide avenues for larger investments and greater linkages to the port.
