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India, Iran ink MoU to develop Chabahar port
Monday May 23, 2016 4:49 PM, Agencies

Tehran (Iran):
India and Iran today decided to jointly combat terror, radicalism and cyber crime as the two strategic partners signed 12 agreements including a "milestone" pact on developing the key Chabahar port for which India will provide USD 500 million.

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 bilateral agreement to develop the Chabahar port and related infrastructure, and availability of about USD 500 million from India for this purpose, is an important milestone," said Modi.

Besides developing the Chabahar port, the two sides also singed agreements in diverse fields like trade credit, culture, science and technology and railways.

"This major effort would boost economic growth in the region. We are committed to take steps for early implementation of the agreements signed today," he said.

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.

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