BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
logo
Breaking News

India makes greater inroads into Chabahar

Thursday - February 7, 2019 5:27 am , Category : WTN SPECIAL

WTN: India is hopeful to fully operationalise the strategic Chabahar port in the Sistan-Balochistan province of Iran. The government has also allowed an Iranian bank to open a branch in Mumbai for related transactions. Union transport minister Nitin Gadkari recently met Iranian minister of foreign affairs Mohammad Javad Zarif to finalise the modalities.

“Chabahar port is very important for us. We are working very hard on it... Some problems were there, but the Iranian government and their minister... are also in the process to resolve all the issues as early as possible. I am confident that we will be in a position to start full function of Chabahar Port at the earliest,” Gadkari said.

The Chabahar port in the energy-rich nation’s southern coast is easily accessible from India’s western coast and is seen as a counter to Pakistan’s Gwadar port located around 80 km from Chabahar. Zarif said, “We are very happy that both UCO Bank from India and Pasargad Bank from Iran are getting started with the business.” The two banks will facilitate transactions relating to operation of berths at Chabahar port. Gadkari said the Reserve Bank of India (RBI) had given all clearances to the Iranian bank to open a branch within the next three months. India has placed $85 million machinery order for Chabahar.

India has already taken over partial operations at Chabahar, and the first ship from Brazil has already been received there. This is the first time India will be operating a port outside its territory. The government of India took over the operations of a part of Shahid Beheshti Port, Chabahar, during the Chabahar Trilateral Agreement meeting held there on December 24, 2018. The heads of Indian, Iranian and Afghanistan delegations had jointly inaugurated the office of the Indian SPV - India Ports Global Chabahar Free Zone (IPGCFZ) at Chabahar.

Iran needs steel, particularly rail steel and locomotives in large quantities, and they are ready to supply us urea. India started interacting with Iran on Chabahar Port around 2003, but a major push was received in the second half of 2014, resulting in the signing of an MoU between the two countries for the development of Chabahar Port in May 2015. This MoU translated into a formal ten-year contract for equipping and operating the Chabahar port, which was executed on May 23, 2016, during PM Modi’s visit to Tehran. The first phase of the Chabahar port was inaugurated in December 2017 by Iranian President Hassan Rouhani, opening a new strategic route connecting Iran, India and Afghanistan bypassing Pakistan. The new opening will lay before India golden opportunities to explore the possibilities of greater trade pacts with countries of the Middle East as the impediment of Pakistan will now be gone. This will also help India supersede Pakistan by her greater presence and heft in the region which was earlier in Pakistan’s area of navigation.

This logistic partnership is also an indication of a growing diplomatic bonhomie between the two nations which is an important development to spurn the selfish tactics of the US and Pakistan-China cabal. India will now have a greater access also into the diplomatic and economic space of the Middle Eastern and European nations which will raise her importance and extend her sphere of influence. -Window To News