India and Iran sign ‘historic’ Chabahar port deal

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Prime Minister Narendra Modi has announced that India will build and operate a key Iranian port after his talks with President Hassan Rouhani.India would invest $500m to develop the strategically important Chabahar port, close to Iran’s border with Pakistan.The port would open a transit route to Afghanistan and Central Asia for Indian goods and products, avoiding the land route through Pakistan.The bilateral agreement to develop the Chabahar port and related infrastructure, and availability of about $500m from India for this purpose, is an important milestone. This major effort would boost economic growth in the regionMr. Modi began his Iran visit on 22nd May.