Prime Minister Narendra Modi has said lifting of international sanctions on Iran has opened up immense opportunities and India is looking to expand co-operation with the Persian Gulf nation in sectors such as trade, investment, infrastructure and energy. The PM is on a two-day visit to Iran from May 22-23. Modi said he was looking forward to signing of Chabahar Agreement and meeting top leaders of Iran to advance strategic partnership.
“India and Iran have always focused to add strength to our relations, even during the difficult times. In the current context, both countries can look to expand our cooperation in the fields of trade, technology, investment and infrastructure and energy security,”he told IRNA news agency in Tehran.
He added that Indian public and private sector firms were keen on investing in Iran, and signing of agreement on development of Chabahar port will provide wider connectivity. However, India also is looking towards flow of capital and investments from Iran. “lifting of the international sanctions against Iran has opened up immense opportunities for both the countries, especially in the economic sphere,” Modi said.
Modi, who will meet President Hassan Rouhani on Monday for formal talks, said he had during their last meeting at Ufa last year indicated possibilities of cooperation in ports, fertiliser and petrochemical sector.
“Energy is one of the most important dimensions of our bilateral economic cooperation. With Farzad-B, we have gone beyond the buyer-seller relationship to being genuine partners in the field of energy," PM said. State-owned ONGC is in talks to secure development rights for the gas field it had discovered in 2008. It has already invested about $ 100 million in the gas field.
Earlier, before leaving for Tehran, PM in a series of tweets said “I am looking forward to my visit to Iran today and tomorrow, at the invitation of President Rouhani. India and Iran enjoy civilizational ties and have shared interest in the peace, security, stability and prosperity of the region. My meetings with President Rouhani and Hon’ble Supreme leader of Iran (Ayatollah Khamenei) will provide an opportunity to advance our strategic partnership. Enhancing connectivity, trade, investments, energy partnership, culture and people to people contacts would be our priority. I also look forward to the conclusion of the Chabahar Agreement during my visit. I will visit Gurudwara in Tehran and inaugurate an International Conference on 'retrospect and prospect’ of India and Iran relations.”
Ministry of External Affairs officials said Modi and Rouhani will discuss in-depth bilateral relations between India and Iran, exchange views on regional situation and global issues of mutual interest. A trilateral agreement on transport and transit corridor among India, Afghanistan and Iran will be signed during the presence of the two leaders. “It will highlight the significance India attaches to developing connectivity using Chabahar as a regional hub,” Gopal Baglay, Joint Secretary, Pakistan-Afghanistan-Iran (PAI). The bilateral contract on development and operation by India of Phase-I of the Chabahar port will be signed between Indian Ports Global Private ltd and Arya Banadar of Iran. Documents on EXIM Bank's line of credit to Iran including for the port will be signed as well.
“The trilateral agreement using Chabahar-Zahedan-Zaranj as a corridor is seen as a game changer for regional connectivity, especially for Afghanistan, which can find an assured and reliable alternative access to India via sea,” Baglay said. The route will also significantly enhance prospects for India’s connectivity with Afghanistan, Central Asia and beyond through synergies with other initiatives touching the region such as North-South transport corridor. The officer added that there is interest in Indian public and private sectors to invest in Chabahar free trade zone as also in railway projects in Iran.
Progress on Farzad B gas field will elevate further India’s energy partnership with Iran beyond a buyer-seller relationship. Discussions have moved towards commercial conclusion and financial closure in this regard.