Chabahar Port : 14 May 2024

About Chabahar Port

• Chabahar is a deep water port located in the Sistan-Baluchistan province of Iran, on Gulf of Oman.

Signing of 10-year contract for Chabahar port operation

• India and Iran signed a 10-year contract for the operation of the Chabahar port.
• The agreement was signed between Indian Ports Global Ltd. (IPGL) and Port and Maritime Organisation (PMO) of Iran.
• IPGL will invest approximately $120 million in equipping the port.
• India has offered a credit window of $250 million for improving Chabahar-related infrastructure.

Importance of the agreement

• The agreement is seen as a historic day for the maritime sector and will boost trade, marine cooperation, and transshipment between India, Iran, and Afghanistan.
• India’s investment in Chabahar port will enhance its efficiency and capacity, supporting the region’s economic development.
• Chabahar port serves as a vital trade artery connecting India with Afghanistan and Central Asian Countries.