BRIDGING THE GAP TO CHABAHAR
PORT OF CALL: 10 THINGS TO KNOW ABOUT INDIA’S STRATEGIC GATEWAY
In February 2016, the Union Cabinet approved provision of credit of $150 million from Exim Bank to the Islamic Republic of Iran for Chabahar Port development It will help in expanding maritime commerce in the region and facilitate growing trade and investment with Iran and other countries in the region Would provide opportunities to Indian
companies to penetrate and enhance their footprint in the region. Near Chabahar Port, China has already constructed Gwadar Port in Balochistan province of Pakistan Memorandum of understanding was signed between India and Iran on May 6, 2015, between Union Shipping Minister Nitin Gadkari and his Iranian counterpart India would execute and operate two berths in Chabahar Port Phase-I with capital investment of $85.21 million and annual revenue expenditure of $22.95 million on a 10-year lease
The two berths will be operated
by the India Ports Global, a company promoted by the Jawaharlal Nehru Port Trust and Kandla Port Trust — two major ports working under the Ministry of Shipping Ownership of equipment to be transferred to Iranian side on completion of 10-year period or for an extended period, based on mutual agreement Proposal includes establishment of transit and transport corridor between India, Iran, and Afghanistan using Chabahar Port as one of the regional hubs for sea transportation India has already built the Zaranj-Delaram Road in Afghanistan as a connection point for the cargo reaching Zehedan In September, Gadkari said that the Chabahar Port would be operational by December 2018