India to Invest $500m in Strategic Iranian Port

By John Lee.

Indian Prime Minister Narendra Modi has announced that India will invest $500 million to develop the strategically important Chabahar port, close to Iran’s border with Pakistan.

From Chabahar, India could access Afghanistan directly, without going through neighbouring Pakistan.

Afghanistan will get an assured, effective and a more friendly route to trade with the rest of the world,” said Modi.

The three countries — Iran, India and Afghanistan — also agreed to develop an international transit hub between them.

Full list of memoranda of understanding signed during the visit of the Indian Prime Minister to Iran.

(Sources: BBC, CNBC, Office of the Iranian Prime Minister)

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