In a significant development strengthening bilateral ties, on May 13, India and Iran have inked a 10-year agreement to control a part of the Chabahar Port. On Monday morning in Tehran, the deal was signed by Shipping Minister Sarbananda Sonowal and Mehrdad Bazrpash, Minister of Roads and Urban Development of Iran.
Under this agreement, India Ports Global Private Limited (IPGPL), an Indian state-owned entity, will continue to manage a terminal for 10 years, furthering its role as a key gateway for trade between India, Iran, and beyond. With this, India will be relieved from renewing short-term contracts every year as was the case earlier.
Since 2016, India has been overseeing operations at one of the two terminals of Chabahar Port – the Shahid Beheshti Terminal. Reports indicate that India has invested more than $500 million into the port over the past eight years.
🇮🇳🇮🇷| Scripting a new chapter in bilateral partnership!
Minister @shipmin_india & @moayush @sarbanandsonwal witnessed the signing of the long-term contract for the operation of the Shahid Beheshti Port in Chabahar, between India Ports Global Ltd. & Ports and Maritime… pic.twitter.com/hUddkyQrkE
— Randhir Jaiswal (@MEAIndia) May 13, 2024
This strategic port, situated in southeastern Iran on the Gulf of Oman, has been a focal point of cooperation between the two nations, offering potential for regional connectivity and economic growth. This milestone not only underscores India’s strategic ambitions but also highlights the strengthening ties between New Delhi and Tehran.
