We can maximise use of Chabahar Port after Iran's SCO membership: PM Modi | Mint
Active Stocks
Mon Feb 26 2024 15:59:59
  1. Tata Steel share price
  2. 142.60 -1.99%
  1. Power Grid Corporation Of India share price
  2. 287.75 1.97%
  1. HDFC Bank share price
  2. 1,422.25 0.10%
  1. ITC share price
  2. 409.20 -0.58%
  1. State Bank Of India share price
  2. 759.00 -0.05%
Business News/ News / India/  We can maximise use of Chabahar Port after Iran's SCO membership: PM Modi
BackBack

We can maximise use of Chabahar Port after Iran's SCO membership: PM Modi

PM Narendra Modi Tuesday said the members of Shanghai Cooperation Organisation can work towards maximizing the utilization of the Chabahar Port following Iran's membership of the world's largest regional organization

PM Narendra Modi addresses 23rd Summit of the SCO Council of Heads of State via video conferencing in New Delhi (PTI)Premium
PM Narendra Modi addresses 23rd Summit of the SCO Council of Heads of State via video conferencing in New Delhi (PTI)

Prime Minister Narendra Modi Tuesday said the members of Shanghai Cooperation Organisation can work towards maximizing the utilization of the Chabahar Port following Iran's membership of the world's largest regional organization.

"The International North-South Transport Corridor can serve as a secure and efficient route for landlocked countries in Central Asia to access the Indian Ocean. We should strive to realize its full potential," the prime minister said.

"Strong connectivity is crucial for the progress of any region. Better connectivity not only enhances mutual trade but also fosters mutual trust. However, in these efforts, it is essential to uphold the basic principles of the SCO charter, particularly respecting the sovereignty and regional integrity of the Member States," the release said.

The India prime minister was speaking through video conferencing on the occasion of 23rd SCO Summit today. The virtual summit was joined by Chinese President Xi Jinping, Russian President Vladimir Putin, Pakistan Prime Minister Shehbaz Sharif, and other leaders of member countries.  

Chabahar Port is a seaport in the Sistan-Balochistan province of Iran, on the Gulf of Oman. Its geographic proximity to Afghanistan, Pakistan, India and International North-South Transport Corridor (INSTC) gives it the potential to develop into one of the most important commercial hubs.

$85 million port project, signed in May 2016, is one of the major focussed projects of India in Iran. The deal agreement aims to establish an International Transport and Transit Corridor in Chabahar. The construction of the Chabahar Port and the construction of a rail line from Chabahar port to Zahedan are the major highlights of this project.

Through the Chabahar Port Project, the cargo can be brought to the Bandar Abbas port and Chabahar port and free Kabul from its dependence on Pakistan. The will give India access to Afghanistan and beyond to Turkmenistan, Uzbekistan, Tajikistan, Kyrgyzstan, Kazakhstan, Russia, and Europe via the 7,200-km-long multi-modal North-South Transport Corridor (INSTC).

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 04 Jul 2023, 11:01 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App