(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 13. Iran expects India toincrease investment in Chabahar port in Sistan and BaluchistanProvince located in the southeast of the country, Iranian Ministerof Roads and Urban Development Mehrdad Bazrpash said, Trend reports.
He made the remark during the joint press conference with IndianMinister of Ports, Maritime Affairs, and Waterways SarbanandaSonowal after signing an agreement on the development of theChabahar Port between Iran and India in Tehran.
He estimates that the agreement between Iran and India signedtoday will be worth $370 million.
Bazrpash added that Chabahar port is located in the North-SouthInternational Corridor and creates exits in differentdirections.
“Iran and India are working to improve the potential of maritimeroutes. By organizing discussions, the establishment of a jointshipping company is envisaged. This can seriously help promotetrade in the different ports of the two countries,” he said.
To note, Iran's Minister of Roads and Urban Development MehrdadBazrpash and India's Minister of Ports, Maritime Affairs, andWaterways Sarbananda Sonowal will sign an agreement to provideChabahar Port with equipment and port infrastructure.
Under the contract, India's IPGL will provide equipment toChabahar Port.
The agreement stipulates that the Indian side will spend $120million on the supply of equipment to the Chabahar port and $250million on the construction of the port infrastructure.
On September 12, 2000, Russia, Iran, and India signed anintergovernmental agreement that laid the foundation for theNorth-South transport corridor. In general, several countries haveratified the mentioned agreement (the Republic of Azerbaijan, theRepublic of Belarus, the Republic of Bulgaria, India, the IslamicRepublic of Iran, the Republic of Kazakhstan, the Republic ofKyrgyzstan, the Sultanate of Oman, the Russian Federation, theRepublic of Tajikistan, the Republic of Türkiye, and Ukraine). Thecorridor aims to shorten the cargo delivery time from India toRussia and Northern and Western Europe, which currently takes morethan 6 weeks on the current route, to just 3 weeks via theNorth-South corridor.
In Iran, the North-South Corridor has three directions. Theeastern direction is Turkmenistan and Central Asian countries; themiddle direction is Russia and other countries across the CaspianSea; and the western direction is Azerbaijan, Georgia, Russia, andEastern European countries.
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