India's foreign minister expressed the country's expectation of securing a "long-term arrangement" with Iran regarding the management of the Iranian port of Chabahar.
This announcement coincides with the departure of India's shipping minister for Iran.
India has been involved in the development of Chabahar port on Iran's southeastern coast, aiming to facilitate trade routes to Iran, Afghanistan, and Central Asian countries while bypassing Pakistani ports of Karachi and Gwadar, particularly due to US sanctions on Iran which have slowed down the port's progress.
Indian foreign minister S Jaishankar said, "As and when a long-term arrangement is concluded, it will clear the pathway for bigger investments to be made in the port," during a press briefing in Mumbai.
He said his cabinet colleague, shipping minister Sarbananda Sonowal, is travelling to Iran.
A source close to the shipping ministry told Reuters Sonowal is expected to witness the signing of a "crucial contract" that would ensure a long-term lease of the port to India.
The Economic Times reported earlier that the contract is likely to span 10 years and grant India management control over a part of the port.
(Reuters)
