India Willing to Invest in Iran’s Port Development Projects

Tehran and New Delhi are in talks over the latter’s investment in Iran’s port development projects, Iranian Deputy Minister of Road and Urbanization Seyed Ataollah Sadr said Saturday.

Sadr, who is also managing-director of Iran’s Ports and Maritime Organization, said Indian investors are interested to partner in development projects in Iran’s Southeastern port city of Chabahar.

“Negotiations have been held in this regard for Indians’ involvement in the development of phase 2 of Chabahar’s Shaheed Beheshti port and construction of Chabahar-Sarakhs railway,” Sadr stated.

Iran and India which have deep historical and cultural relations are now seeking to further expand political and economic ties.

India, the world’s fourth-largest petroleum consumer, is Iran’s second largest oil customer after China and purchases around $12bln worth of Iranian crude every year, about 12 percent of its consumption.

India and Iran have been holding discussions at regular intervals on issues related to economic cooperation under the joint commission mechanism, which was established in July 1983.

The meeting of the Joint India-Iran Commission provided an opportunity to review bilateral economic and cultural cooperation.