Indians to invest $2 billion in Iran's port, railways

TEHRAN, Feb. 17 (MNA) – Iran's Minister of Roads and Urban Development, who is accompanying President Rouhani on his trip to India, announced on Saturday that Indians have expressed their initial agreement to invest $ 2 billion in Iran’s ports and railways.

Iranian Minister of Roads and Urban Development Abbas Ahmad Akhoundi said that Indians have expressed their initial agreement to invest in Iranian ports and railways network, adding that various issues in the port and rail areas will be finalized during Rouhani’s visit to India, and the joint venture with India in these two areas will reach about $2 billion through these projects. 

The agreement was inked Friday in India’s capital New Delhi in the presence of Abbas Akhoundi, Iran’s minister of roads and urban development, and his Indian counterpart Nitin Gadkari. The project will be fully implemented within three years. 

Gadkari, in turn, said the new trains will help transport passengers and freight in Iran, adding that “they will also be used in the Chabahar-Zahedan railroad to accelerate development of the Chabahar Port in line with India’s goal to connect to Central Asia and ultimately Europe through this Iranian port.”

He said that Iran’s cooperation with India in port and rails have been planned to take place in four categories. The two sides have already reached general agreement in this regard, and the agreements will be finalized during Rouhani’s current trip to India. 

He said that one of the categories is India’s investment in Chabahar-Zahedan railway line. He stressed that this is an important and strategic railway line, which Iran wants to complete through cooperation with the Indians. He said that initial agreement has been reached for an amount of $800 million, and the agreement will be finalized and announced during Rouhani’s current trip to India. 

He went on to say that Iran pursuing other important discussions with the Indians, such as joint production of locomotives. Initial agreements have already been reached to build a joint production of freight locomotive. This agreement would also be finalized and announced during Rouhani’s trip. 

The construction of railway line in Isfahan Steel Mill, with a capacity of 300,000 tons per year, is another measure that would be undertaken in cooperation with the Indians. This would also be finalized during Rouhani’s trip. 

Another joint project with the Indians to be finalized would be regarding the management of Chabahar Port. Indians would investment $87 million in this project. A temporary contract will be concluded in this area under which the Indians would be deployed there until the arrival of the equipment enters and their full investment takes place there.


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