India and Iran on Saturday 17 February signed a USD 85 million agreement for the development of Chabahar seaport in south-eastern Iran.
According to the agreement, India will invest the money to build the capacity of Chabahar port. The lease agreement which gives operational control to India of Shahid Beheshti port (phase one of the Chabahar port) was signed in the presence of Indian Prime Minister Narendra Modi and Iranian President Hassan Rouhani in New Delhi. In a joint press conference after signing the agreements, Indian Prime Minister said that the two countries want to expand bilateral ties and cooperation in economic development. “We will support the construction of the Chabahar-Zahedan rail link so that Chabahar gateway’s potential could be fully utilized,” Indian Prime Minister said. “We want to expand connectivity, cooperation in the energy sector and the centuries-old bilateral relationship.”