look news india
Chabahar Port: India and Iran on Monday signed a ten-year agreement on Chabahar port. Hours later, the US warned that anyone considering a trade deal with Tehran should be aware of the risks of potential sanctions. However, US State Department spokesperson Vedanta Patel said it would let the Indian government speak on its foreign policy goals.
“All I will say is…US sanctions on Iran remain in place and we will continue to do so,” Patel said. Any organization considering a trade deal with Iran should be aware of the risks of sanctions.
A bilateral agreement was signed between India's Indian Ports Global Limited (IPGL) and Iran's Port and Maritime Organization (PMO) for the operation of Chabahar Port. This will enable the Shahid-Behesti port to be operated under the Chabahar Development Project for a period of ten years. Over a period of ten years, both sides will further enhance their cooperation in Chabahar. IPGL will invest approximately US$120 million to equip the port.
India has also offered a credit window of $250 million for the development of Chabahar port. Plans are currently underway to integrate the Chabahar port with the International North South Transport Corridor (INSTC), which will facilitate India's connectivity with Russia through Iran.
This ten-year long-term agreement will strengthen bilateral relations between the two countries. This will also increase confidence among the business communities of the region. India is a major player in the development and management of Chabahar port. The project will serve as an important transit port for trade with Afghanistan and Central Asian countries. It is a landlocked country. The Government of India has invested in the port infrastructure and is working on upgrading its facilities.