Home Economy and Finance Iran ready to handover Chabahar port to Indian firm for operation: Iranian Minister Abbas Akhoundi

Iran ready to handover Chabahar port to Indian firm for operation: Iranian Minister Abbas Akhoundi

In what seems to be a successful strategic policy initiative, Iran will now hand over the strategic Chabahar port to an Indian company within a month for operations as per an interim pact between two countries, said Iranian Minister of Roads and Urban Development Abbas Akhoundi said Thursday.

Abbas Akhoundi has arrived in India to participate in the Mobility Summit by Niti Aaayog on the invitation of the Indian government. “Now, we are ready just to hand over the port (Chabahar) to the Indian company to operate this in an interim agreement that already we had with Indian part for one and a half year”, Akhoundi told to the media in New Delhi.

He also said that India has also introduced a banking channel to ease trade and investment, which has also been approved by Iran’s central bank. Reportedly, discussions are underway between UCO Bank and Bank Pasargad for payment mechanism by which US-driven sanctions can be avoided. He further added that both countries are moving forward towards the utilization of the Chabahar port. Akkoundi said that handing over the port will be done within one month.

- Advertisement - - Article resumes -

Chabahar, the only Iranian port with direct access to the ocean, lies in the Makran coast of south-eastern Iran is a highly energy-rich coast but underdeveloped free trade and industrial zone.

Chabahar is one of the most important strategic areas of influence for India, as it is located just 76 nautical miles (less than 150km) west of the Pakistani port of Gwadar, being developed by China. This makes it ideal for keeping track of Chinese or Pakistani military activity based out of Gwadar.

courtesy: 2thepoint.com

The Chabahar project provides better connectivity opportunity to countries like Iran, Afghanistan and beyond and most importantly bypasses the Pakistan land corridors and Karachi port to transport goods to the Central Asia region. India has already built necessary infrastructure in Afghanistan to bring more connectivity and also use the region for both economic and strategic initiatives.

India had constructed the Zaranj-Delaram road in 2009 which is to provide access to Afghanistan’s Garland Highway, facilitating transport to four major cities in Afghanistan — Herat, Kandahar, Kabul, and Mazar-e-Sharif. From Chabahar, an overland access to Zaranj in Afghanistan is also being built, which is about 900 km from the newly built port.

Chabahar port is important for India as it is easily accessible from Indian western ports of Mumbai and Kandla. Both Iran and India will have massive benefits from this project, as Iran receives much-needed investments in the region and India gets benefited from both strategic and economic point of view. Chabahar is set to open new trade and investment opportunities for India.

Share This Post With Your Friends & Fans:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Election 2019 Live Updates

Track all the updates on one page as the results and trends trickle in

Shehla Rashid remembers 2014, says she had wanted Kejriwal as PM

Shehla Rashid loses it early on counting day, says “Felt like a Muslim when ‘mass murderer’ won in 2014”

As early trends show an NDA victory, Shehla Rashid calls him a mass murderer, says she had wanted Arvind Kejriwal as PM in 2014 and she had felt like a 'Muslim'.

Live updates: According to EC, BJP leading in 299 seats on their own, clocks victory in 2, taking their tally possibly to 301

Latest results, trends, updates, and news about 2019 Lok Sabha election counting. Find out who will form the next government.
NYT peddles Modi 2.0 as victory of India's most divisive leader

Dear New York Times, India has chosen Modi 2.0, deal with it

When India gives a thumping, unprecedented, overwhelming victory to a man who has made every single Indian feel proud of their nation and heritage, the NYT's heartburn is expected. 
Rana Ayyub had a meltdown seeing BJP securing an unprecedented victory

Unprecedented Modi victory triggers meltdown for controversial journalist Rana Ayyub

Prospect of a stunning Narendra Modi victory in 2019 Lok Sabha election triggered a mental collapse for controversial journalist Rana Ayyub

IIT graduate and an IAS officer explains in detail why EVMs can’t be ‘hacked’ or ‘tampered’ with

Bhavesh Mishra, IAS 2015 batch, B.Tech IIT Delhi, on Quora gave a detailed explanation regarding why EVMs cannot be 'hacked' or 'tampered' with.
Reactions of Liberals after NDA appearing to secure majority

‘Liberals’ have a meltdown as result day trends indicate a massive victory for PM Modi

Trends indicate that Prime Minister Narendra Modi will once again take an oath for the post of Prime Minister. This has not gone down well with the Liberal intelligentsia and they are losing their cool over this prospect

Kanhaiya Kumar’s family uses LPG stove to prepare for his victory, contrary to his claims just a few weeks ago

Kanhaiya had claimed that his mother cooked on a Chullah and not on an LPG stove as it was not viable because of being too expensive and also exhausted within 3-4 days.

Barkha Dutt expresses deep anguish over the fact that the mainstream media can no longer influence elections

Barkha said it doesn't make her happy that mainstream media cannot influence the voters to vote in a particular way anymore.

AAP’s Sanjay Singh wants Arnab Goswami to either go to a mental asylum, be jailed or drowned

AAP's Sanjay Singh was reacting to a clip by Arnab where he was mocking the Opposition for their EVM drama
PM Modi slammed Mayawati for not defending the people of UP and Bihar against TMC government's accusations

23rd May 2019: When the future of Bengal politics was changed forever

Whatever the ultimate result may be, one thing is for certain, going into the 2021 Assembly Elections in the state, for the first time in history, West Bengal will have a party of saffron hue as the primary opposition.
Subscribe to Day's Top Stories

Latest articles

Connect with us

164,557FansLike
142,056FollowersFollow
64,404SubscribersSubscribe
Share This Post With Your Friends & Fans: