India, Iran sign MoU to develop Chabahar port

Tehran (Iran), May 23 (ANI): A historic deal to develop the Chabahar port in Iran, which will open up access to central Asia, was signed here on Monday in the presence of Prime Minister Narendra Modi.

India and Iran signed an MoU for bilateral contract on Chabahar Port for port development and operations between IPGPL [India Ports Global Private Limited] and Arya Banader of Iran.

The contract envisages development and operation for 10 years of two terminals and five berths with cargo handling of multipurpose and general capacities.

The MoU, signed by Arun K. Gupta, Managing Director, IPGPL, and Ebrahim Yaseri, Managing Director of Arya Banader, will be counter signed by Alok Srivastva, Additional Secretary, Ministry of Shipping of India, and Saeednejad, Chairman of Ports and Maritime Organization of Iran.

Prime Minister Narendra Modi said in his statement the Chabahar port project has opened a new chapter of friendship and economic partnership between both nations.

Iranian President Dr. Hassan Rouhani in a joint statement with Prime Modi said the Chabahar port is a symbol of synergy between both nations. He said the port can serve as a point of connectivity to different countries. 

“Economic relations between Delhi and Tehran can further be expanded through the project,” he added.

The port in southeast Iran will facilitate India to bypass Pakistan to transport goods to Afghanistan and central Asia using a sea-land route.

India will contribute in building the terminals and cargo berths at Chabahar port by investing USD 200 million in the first phase. 

In the next phase, India is mulling to develop a 500-km railway line between Chabahar and Zahedan.