Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, on Sunday affirmed India's commitment to unlocking the trade potential with the Central Asian region through the use of the Chabahar Port in Iran.
The Chabahar Port, located in Iran, is a commercial transit centre, especially for Central Asia.
The Union Minister was interacting with the high-level diplomatic delegation from Central Asian Countries here in Mumbai on 'Chabahar day'.
The day is celebrated to mark the beginning of the International North-South Transport Corridor (INSTC) — an Indian vision for the economic movement of cargo between India and Central Asia.
"Under the visionary leadership of Prime Minister Narendra Modi, India is working towards developing an alternative vista with the Central Asian region in order to unlock the huge trade potential that belies this strong relationship India enjoys with the Central Asian countries," said Sonowal.
He said the idea of INSTC via the Shahid Beheshti Port at Chabahar in Iran is an idea to connect the two markets using a multi-modal logistics corridor.
"This will rationalise our logistics cost, which will contribute towards the trade volume between the two regions. The Chabahar Free Trade Zone is an opportunity for the logistics companies to reap, allowing the trade to bloom. Once we start exploring this route for trade, we will be able to rationalise our logistical cost, in terms of money and time, helping build an economical, faster, shorter route between the two regions," Sonowal said.
During the event, the delegates from Central Asian countries highlighted how Chabahar's link with INSTC can play a vital role in boosting EXIM trade in their regions, and its potential to further boost development in the landlocked countries.
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