Prime Minister Narendra Modi’s upcoming two-day visit to Iran is crucial for a couple of reasons: It will have to set the pace for a new chapter in the India-Iran bilateral in the post-sanctions era, and it must breathe new life into India’s larger West Asia policy. The Chabahar port is also likely to help India receive natural gas imports from Russian Federation. India had voted against Iran at the International Atomic Energy Agency over its clandestine nuclear programme and, under pressure from the US, slashed oil imports from the country by up to 40 per cent during the period.
Advertisement
After making successful trips to Sunni kingdoms of Saudi Arabia and UAE, Prime Minister Narendra Modi will travel to Iran, their traditional Shia rival in the region and the new destination for all eager investors after 36 years of economic sanctions were lifted by the U.S. and European countries.
The PM will also inaugurate an worldwide conference on “India-Iran: Prospects & Retrospects” and will release a rare manuscript in Persian brought out by the Indian Council of Cultural Relations at the same conference. The Prime Minister said that India stood ready to provide all possible assistance to Fiji in the rehabilitation and reconstruction efforts.
Earlier in New Delhi, the External Affairs Ministry today announced that the Prime Minister will visit Washington DC on June 7-8 at the invitation of President Obama.
India’s desire to reclaim the influence it once enjoyed in Central Asia before the dawn of colonialism can only be reasonably realized through cooperation with Iran.
He said the Indian investment in Phase-1 will be in excess of Dollars 200 million including USD 150 million line of credit from Exim Bank, an agreement for which would be signed too during the visit.
Chabahar port will act as a hub for Iran, India and Afghanistan and each of these three counties will sign a separate agreement for trading and transporting. Discussions have moved towards commercial conclusion and financial closure, according to officials familiar with the development.
Under the agreement which was finalized in April, India will be allowed access to Afghanistan via the strategically located port of Chabahar. Indians have guaranteed 30,000 twenty-foot-equivalent units of cargo handing in the third year of operation and aim to handle 250,000 TEUs in the 10th year.
Chabahar is the closest port to Afghanistan.
Advertisement
The two berths will be operated by the India Ports Global Private Limited, a Company promoted by the Jawaharlal Nehru Port Trust and Kandla Port Trust – two major ports working under the Ministry of Shipping.
