India to kick off investing $85m in Chabahar Port soon

TEHRAN, Jul. 27 (MNA) – Iranian Deputy Minister of Roads and Urban Development and Managing Director of Ports and Maritime Organization Mohammad Rastad said that the India’s IPGL will soon start its development project in Chabahar Port.

“The Indians will soon kick off their official activity at Iranian southeastern port of Chabahar with an $85 million capital,” said Iranian Deputy Minister of Roads and Urban Development and Managing Director of Ports and Maritime Organization Mohammad Rastad.

The Iranian official made the remarks on Thursday at the office of the governor of Chabahar, in a meeting with deputies 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 (186 miles) 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 increase to 77 million tons,” said the Iranian official underlining that the current capacity does not meet the demanded volume of trade.

“The most urgent need of the port currently is linking Chabahr to the national rail grid with constructing the track to Zahrdan,” he asserted.

During the visit of President Rouhani to India in mid-February 2018, President Rouhani and Prime Minister 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).

Also at the press conference following the signing of the agreement, the Iranian side expressed its readiness to enhance enabling environment to attract Indian private/public sector investments, in Chabahar FTZ. In this context, Iran will organize a business promotion event, with participation of countries from the region and beyond, with the objective of showcasing the economic opportunities offered by the Chabahar Port.

Both sides stressed the significance of strengthening India-Iran-Afghanistan trilateral consultations and coordination, including by suitably supplementing their cooperation on Chabahar.

YNG/IRN82982860

News Code 136097

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