News Brief
India Set To Ink Deal With Iran To Manage Strategic Chabahar Port For Next Ten Years: All You Need To Know
The Chabahar Port, Iran. (Image via indiashippingnews).
India is poised to ink an agreement with Iran on Monday (13 May) for the management of the southeastern Iranian port of Chabahar for the next decade, as per a report by NDTV.
According to the report, India's Shipping Minister Sarbananda Sonowal is expected to travel to Iran to finalise the agreement.
India has been actively involved in the development of a section of the Chabahar port, situated on Iran's southeastern coast along the Gulf of Oman.
This development aims to facilitate the transportation of goods to Iran, Afghanistan, and Central Asian countries, bypassing the port of Karachi in Pakistan, a rival of India.
On 24 December 2018, operations of the Chabahar Port were assumed by India Ports Global Limited (IPGL), an Indian company, through its wholly-owned subsidiary, India Ports Global Chabahar Free Zone (IPGCFZ).
Chabahar Port is of strategic importance to India as it offers a sea-land access route to Afghanistan and Central Asia via Iran.
Additionally, it plays a vital role in the International North-South Transport Corridor (INSTC), facilitating the movement of freight between India, Iran, Afghanistan, Azerbaijan, Russia, Central Asia, and Europe.
