India and Iran Sign 10-Year Agreement for Chabahar Port Operations
Agreement Signed: Indian Ports Global Ltd (IPGL) and Port and Maritime Organisation of Iran (PMO) signed a 10-year contract to operate the Shahid-Behesti terminal at Chabahar port.
Investment:
India to invest $120 million in port equipment.
India offers a $250 million credit line for Chabahar-related infrastructure projects.
Signatories: The agreement was signed in the presence of relevant ministers from both countries.
Background:
MoU for Chabahar port development signed in May 2015.
Contract awarded in May 2016 during PM Modi's visit to Iran.
Significance:
Seen as a historic moment for maritime cooperation.
Expected to boost trade between India, Iran, and Afghanistan.
Enhances India's commitment to regional economic development.
Provides a vital trade route for India to Afghanistan and Central Asia.
India can use the port for humanitarian aid shipments.
Additional Notes:
Chabahar is a deep-water port in Iran's Sistan-Baluchistan province.
COMMENTS