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HomeBusinessIndia pursues long-term agreement with Iran for Chabahar Port management

India pursues long-term agreement with Iran for Chabahar Port management

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India’s Foreign Minister S Jaishankar has expressed the country’s intent to secure a “long-term arrangement” with Iran concerning the management of the Chabahar port. This announcement coincides with India’s Shipping Minister’s departure for Iran.

India has been actively involved in the development of the Chabahar port on Iran’s southeastern coast, aiming to enhance trade routes to Iran, Afghanistan, and Central Asian countries while circumventing Pakistani ports affected by US sanctions on Iran, which have hindered the port’s progress.

Foreign Minister S Jaishankar stated, “Once a long-term arrangement is finalized, it will pave the way for greater investments in the port,” during a press briefing in Mumbai.

He further mentioned that Shipping Minister Sarbananda Sonowal is en route to Iran. A source close to the shipping ministry informed Reuters that Sonowal is expected to witness the signing of a “crucial contract” that would secure a long-term lease of the port to India.

Earlier reports from The Economic Times suggested that the contract is likely to extend over 10 years and grant India management control over a portion of the port.

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