In accordance with an agreement signed last month by Iranian and Indian ministers of roads and transport, Indian Transport and Shipping Minister Nitin Gadkari said on Sunday that the country will speed up its investment in Chabahar Port City.
“The contract will be finalized within a six-month period,” Gadkari said adding that tenders will be issued to attract the required capital for development of Chabahar.
According to the contract, India will invest some 86 million dollars on construction of a luggage terminal and a multipurpose transport terminal in Chabahar.
Using the North-South corridor, Indian officials say it will lower the cost of India goods transport by 30%.
Located on the confluence of the Indian Ocean and the Sea of Oman in southeastern Iran, Chabahar is India's first foreign port project. Once completed, the project would enable India to send its goods from Chabahar to Afghanistan, Central Asia and beyond.