India commits USD1B to Chabahar Port Development in Iran
(MENAFN) Iran's Deputy Minister of Roads, Ali Akbar Safaei, recently announced that India has pledged a substantial USD1 billion investment toward the development of Iran's vital southeastern port, Chabahar. Highlighting the significance of the project, Safaei emphasized that its implementation stands as a top priority within the Ports and Maritime Organization's agenda.
Negotiations with Indian investors have been underway for several months, and Safaei indicated that the finalization of the contract for the provision of essential components and equipment for Chabahar Port is imminent. He revealed that discussions with Indian counterparts have led to the establishment of a joint shipping company, with India committing between USD250 million and USD1 billion to finance the port's development.
The recent signing of a contract between Iran and India's Ports Global Ltd (IPGL) further solidifies bilateral cooperation in equipping and operating the freight and container terminals at Shahid Beheshti Port in Chabahar. This agreement, endorsed by Iranian Transport and Urban Development Minister Mehrdad Bazrpash and India's Ports, Shipping, and Waterways Minister Sarbananda Sonowal, marks a significant milestone in enhancing commercial and economic ties between the two nations.
Sonowal underscored the agreement's transformative potential, facilitating strategic cooperation and unlocking opportunities for larger investments in Chabahar Port. By fostering closer collaboration, both Iran and India aim to strengthen regional connectivity and bolster trade links with Central Asia and beyond.
India's commitment to the Chabahar Port project aligns with its broader objectives of enhancing connectivity along the international north-south transport corridor, in collaboration with Iran and Russia. This initiative holds promise for bolstering trade and economic cooperation, positioning Chabahar as a pivotal gateway for regional commerce and facilitating greater integration within the broader Eurasian landscape.
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