India, Iran to sign Chabahar contract after 2024 elections
India and Iran have finalized a long-term contract for the development of Chabahar port after more two decades of painfully slow negotiations with the oil-rich Gulf nation, periodically stymied by geopolitical tensions, according to three persons aware of the matter. A high-level delegation led by the Indian minister for shipping will be visiting Iran after India's general election. The visit, to take place in the second half of 2024, will be see the signing of the contract that will pave the way for full exploitation of this strategic port located in southeastern Iran and developed with Indian aid.
The Embassy of Iran in New Delhi confirmed the development. “This contract is in the final stages. We are waiting for the Indian delegation to go to Iran," a spokesperson for the Iran Embassy said in response to a query from Mint.
“This is a very good and beneficial agreement for both sides," the spokesperson, Mahdi Esfandiari, added, while declining to provide the specifics of the contract. Queries mailed to the ministries of external affairs and shipping went unanswered at press time. The Chabahar cooperation dates back to 2003, when India agreed to help Iran develop the port as well as accompanying infrastructure links during Iranian President Muhammad Khatami’s visit to India.
New Delhi’s interest in Chabahar comes from the port’s value as a strategic gateway for Indian goods to reach markets in Afghanistan and Central Asia. However, matters progressed slowly thereafter. In 2013, India committed to providing $100 million for the development of Chabahar and in 2016, India, Iran and Afghanistan signed an agreement for the development of an international trade corridor, which included Chabahar as a central transit point.
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