Bharat and Iran have reached a significant milestone in their relationship by signing a long-term contract aimed at furthering cooperation and development of the Shahid-Beheshti Port Terminal in Chabahar.
The contract was signed during a ceremony attended by Bharatiya and Iranian ministers, marking a pivotal moment in enhancing regional trade and connectivity.
The Bharatiya delegation, led by Union Minister Sarbananda Sonowal, and the Iranian Minister for Roads and Urban Development, Mehrdad Bazrpash, finalized the 10-year contract between Bharat Ports Global Ltd (IPGL) and the Ports & Maritime Organisation of Iran (PMO).
Under this agreement, IPGL will invest approximately $120 million to equip and operate the port, with additional support from Bharat in the form of a credit window worth $250 million for infrastructure projects related to Chabahar.
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Chabahar Port serves as a crucial transit point for trade with landlocked Afghanistan and Central Asian countries. Over the years, Bharat has played a vital role in its development, investing in infrastructure and facilitating its operation to establish it as a viable route for Bharatiya goods destined for Afghanistan and Central Asia.
The journey towards this agreement began with discussions between Prime Minister Narendra Modi and Iranian President Ebrahim Raisi in August 2023, where both leaders emphasized the importance of finalizing the long-term contract.
Sonowal hailed this moment as a “historic milestone,” reflecting the enduring trust and deepening partnership between India and Iran.
During his visit to Tehran, Sonowal reiterated Bharat’s vision of making Chabahar Port an international connectivity hub. He highlighted Bharat’s continued efforts to promote the port, including organizing events like “Chabahar Day” in Mumbai to foster closer cooperation with regional countries and enhance economic connectivity.
Moreover, Sonowal emphasized the humanitarian aspect of Chabahar Port, citing Bharat’s assistance to Afghanistan during challenging times. He mentioned the provision of essential supplies like wheat, pulses, and pesticides to support the Afghan people, underscoring Bharat’s commitment to facilitating trade and helping Afghanistan become self-sufficient.
The recent visit of a high-level delegation from Afghanistan to Chabahar Port was viewed positively by Sonowal, who stressed the importance of facilitating trade for Afghanistan’s economic development.
Bharat’s engagement with Iran also extends to broader regional initiatives like the International North-South Transport Corridor (INSTC). Both the nations have discussed leveraging Chabahar Port’s strategic location to enhance connectivity with CIS countries, aligning with Bharat’s vision of establishing it as a transit hub under INSTC.
This long-term contract signifies a new chapter in the Bharat-Iran relationship, marked by mutual cooperation and shared goals of regional development and connectivity. With Bharat’s commitment to investing in Chabahar Port’s growth and infrastructure, the stage is set for further strengthening trade ties and fostering economic prosperity in the region.
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