Economy, Domestic Economy

India to Develop Chabahar Port

India to Develop Chabahar PortIndia to Develop Chabahar Port

India will set up a company to develop Iran’s Chabahar Port to open up a better trade route into landlocked Afghanistan, a government statement said on Saturday. According to Businessworld, India plans to sign an agreement with Iran for the development of the port of Chabahar in southeast Iran. This port is central to India’s efforts to get around Pakistan and open up a route to Afghanistan. It would also give India a sea-land access route into Afghanistan through Iran’s eastern borders. The Indian company will invest $85.21 million in one year to convert the berths into a container terminal and a multi-purpose cargo terminal and India would consider the participation of Iranian firms if needed. Chabahar is located in Sistan-Baluchestan province on Iran’s southeastern coast and is a port of great strategic value. It lies outside the Persian Gulf and is easily accessed from India’s western coast.