Vedant Patil, Principal Deputy Spokesperson of the US State Department, spoke to the media, acknowledging the report an agreement Patel stressed that while the United States respects India's foreign policy objectives and its bilateral relations with Iran, it remains steadfast in implementing sanctions against Iran.
He said: “We are aware of these reports that Iran and India have signed an agreement regarding Chabahar Port, and I will allow the government of India to speak about its foreign policy objectives, regarding Chabahar Port as well as its bilateral relations.” Vedant Patil said at the press conference on Monday (local time).
Patel said: “The US sanctions on Iran are still in place, and we will continue to implement them,” stressing the importance for entities considering business dealings with Iran to be aware of the risks associated with them. “Any entity, anyone considering doing business with Iran, needs to be aware of the potential risks that they are exposing themselves to, and the potential risks of sanctions,” Patel said.
The long-term bilateral contract for the operation of Chabahar Port, signed between the Indian Ports Global Limited (IPGL) and the Iranian Ports and Maritime Organization (PMO), paves the way for the operation of Shahid Behesti Port within the Chabahar Port Development Project of Iran. next decade. IPGL has committed significant investments in equipping and operating the port, with additional financial support from India.
IPGL will invest approximately US$120 million in equipping the port. India has also offered a credit window equivalent to US$250 million for mutually identified projects aimed at improving Chabahar-related infrastructure.
This 10-year long-term lease agreement strengthens bilateral relations between the two countries while enhancing trust and confidence among the business communities in the region.
Chabahar Port is a major project between India and Iran and serves as an important transit port for trade with Afghanistan and Central Asian countries, which are landlocked countries. India was a major player in the development and operation of Chabahar Port.
The Indian government has invested in the port's infrastructure and been involved in upgrading its facilities to make it a viable transit route for Indian goods destined for Afghanistan and Central Asia.
Read also: How important is Chabahar port in Iran strategically for India? Check out how the new deal helps take on Pakistan and China
(With inputs from agencies)
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