'History is being created,' Prime Minister Narendra
Modi said in Tehran Monday May 23,2016 after the signing of a tripartite agreement
between Iran, India and Afghanistan to turn the Chabahar port into a
transit hub bypassing Pakistan.
Prime Minister Narender Modi with Iranian President Hassan Rouhani and
Ashraf Ghani, President of Afghanistan during agreement signing and
press statement after Trilateral meeting at Talar building
India signed a historic three-nation deal on Monday to develop the strategic port of Chabahar in Iran and build a transport-and-trade corridor through Afghanistan that could halve the time and cost of doing business with Europe.
Developing the Chabahar port is seen as crucial for India because it will not only allow New Delhi to bypass Pakistan and access global markets but also counter China’s expanding influence in the Indian Ocean region
Note
India will spend about $500 million (Rs 3,400 crores) to develop the port in southeastern Iran’s Sistan-Baluchistan province as a regional trade hub that will allow it to open up an alternative land-sea route for trade with Afghanistan.
The three countries have engaged in protracted negotiations since 2003 but the lifting of sanctions on Tehran in January has boosted prospects of the port’s development.
India has already spent Rs 680 crore in building a 220-km highway in Afghanistan that connects to Chabahar
The Exim Bank of India also signed an agreement to provide Rs 1,000 crore credit line to the Iran’s Maritime and Ports Organisation for making jetties and berths at Chabahar.
State-owned construction firm Ircon signed an agreement to lay a rail line from Chabahar port to Zahedan and Nalco signed a deal to look at the possibility of setting up a 0.5 million tone aluminum smelter at Chabahar free-trade zone, provided Iran gives cheap natural gas.
India signed a historic three-nation deal on Monday to develop the strategic port of Chabahar in Iran and build a transport-and-trade corridor through Afghanistan that could halve the time and cost of doing business with Europe.
Developing the Chabahar port is seen as crucial for India because it will not only allow New Delhi to bypass Pakistan and access global markets but also counter China’s expanding influence in the Indian Ocean region
Note
India will spend about $500 million (Rs 3,400 crores) to develop the port in southeastern Iran’s Sistan-Baluchistan province as a regional trade hub that will allow it to open up an alternative land-sea route for trade with Afghanistan.
The three countries have engaged in protracted negotiations since 2003 but the lifting of sanctions on Tehran in January has boosted prospects of the port’s development.
India has already spent Rs 680 crore in building a 220-km highway in Afghanistan that connects to Chabahar
The Exim Bank of India also signed an agreement to provide Rs 1,000 crore credit line to the Iran’s Maritime and Ports Organisation for making jetties and berths at Chabahar.
State-owned construction firm Ircon signed an agreement to lay a rail line from Chabahar port to Zahedan and Nalco signed a deal to look at the possibility of setting up a 0.5 million tone aluminum smelter at Chabahar free-trade zone, provided Iran gives cheap natural gas.
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