Iran and India sign port deal for strategic development
May 23, Tehran: India is to invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say are worth hundreds of millions of dollars.
The deal and plans were announced during a visit by Indian Prime Minister Narendra Modi, the first such trip in more than a decade, reports said.
Modi said in a ceremony marking the agreements that the bilateral agreement to develop Chabahar, in southern Iran, and the "availability of about $500 million from India for this purpose is an important milestone," in relations between the two countries.
He also described cooperation in the oil and gas industries as key components of economic cooperation between Tehran and Delhi.
President Hassan Rouhani said working on the port can be a "great symbol" of cooperation between Iran and India. He said Iran's energy resources and Indian mines can pave ground for cooperation in the aluminum, steel and petrochemical industries.
The two leaders will discuss the port project later with visiting Afghan President Ashraf Ghani. The two countries also signed a number of agreements to enhance technological, petrochemical and banking cooperation.
Tehran has been seeking to reintegrate into the global economic system following a landmark deal with world powers that lifted sanctions in return for limiting its nuclear program.
The Oslo Times