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India to expedite investment in Chabahar Free Zone

The development comes after India and Iran held a bilateral meeting to review the Chabahar Port project.

india Updated: Sep 29, 2016 23:53 IST
A speed boat passes by oil docks at the port of Kalantari in the city of Chabahar.
A speed boat passes by oil docks at the port of Kalantari in the city of Chabahar.(Reuters file photo)

The government on Thursday said it has decided to expedite investments in Chabahar Free Zone.

The development comes after India and Iran held a bilateral meeting to review the Chabahar Port project.

During the bilateral meeting Iran was represented by minister for road and urban development Abbas Akhoundi, while India was represented by minister for road transport, highways and shipping Nitin Gadkari.

“It was also decided to expedite the implementation of other projects between India and Iran including construction of the Chabahar-Zahedan Railway and India’s investment in Chabahar Free Zone,” an official statement from the Indian ministry of road transport and highways said.

“They also discussed new projects relating to regional connectivity.”

Both countries further said that the Chabahar Agreement will provide necessary legal framework for movement of goods and passengers across the territories of India, Iran and Afghanistan.

“The agreement was a turning point in regional connectivity and it will have positive impact,” said the official statement quoting Akhoundi.

Emphasising on the importance of International North-South Transport Corridor (INSTC), the two countries also agreed to take steps for the promotion of the same.