On May 13, 2024, India and Iran signed a 10-year contract to operate Chabahar Port. The long-term bilateral contract was signed between Indian Ports Global Limited (IPGL) and the Port and Maritime Organisation (PMO) of Iran, enabling the operation of the Shahid Beheshti terminal at the Chabahar Port.
It has replaced one-year contracts that were being signed to keep the port operational until now. As part of the agreement, India will procure various equipment required to expand operations at the port including reach stackers, forklifts, pneumatic unloaders, among others. It also paves the way for enhanced trade and investment opportunities, which could boost the economic development of India.