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India Investing $85 million in Chabahar Port, Despite US Pressure – Iran

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The Chabahar Port in Iran is all set to get a boost of $85 million. The Indian Government is defying US pressure and the possible threat of sanctions, to fund the strategic project and connect to Afghanistan and Central Asia. This was stated by Iranian Deputy Minister of Roads and Urban Development and Managing Director of Ports and Maritime Organization Mohammad Rastad according to Mehr News Agency.

The Iranian officials confirmed this development on Thursday at the office of the governor of Chabahar, in a meeting with delegates of the roads and urban development ministry. He added that India Ports Global Limited (IPGL) Company will operate the development project in the Iranian southeastern hub located at 300 km east of the Strait of Hormuz.

“After the completion of the next three phases of Shahid Beheshti Port of Chabahar the loading capacity of the port will expand to 77 million tons,” said the Iranian official emphasized that the present capacity does not meet the required volume of trade.

“The most compelling requirement of the port presently is linking Chabahr to the national rail grid with constructing the track to Zahrdan,” he affirmed. During the visit of Iranian President to India in February 2018, President Rouhani and Indian PM Modi witnessed the signing and exchange of the Lease Contract for Shahid Beheshti Port-Phase 1 of Chabahar during Interim Period between Port and Maritime Organization (PMO) of Iran and India Ports Global Limited (IPGL).

The Iranian delegates also expressed its willingness to enhance the environment to attract Indian private/public sector investments, in Chabahar FTZ. In this context, Iran will organize a business promotion event, with the participation of countries from the region and beyond, with the objective of demonstrating the economic opportunities offered by the Chabahar Port.

Both sides emphasised the importance of strengthening India-Iran-Afghanistan trilateral consultations and coordination, including by suitably extending their cooperation on Chabahar Port.

More News at EurAsian Times

 

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