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Economy

India to invest $500m in Iranian port, bypass Pakistan

Modi, left, and Rouhani nurture an ancient friendship -- with U.S. sanctions on Iran now lifted, India is investing $500 million in the Iranian port of Chabahar to access markets geographically obstructed by Pakistan.   © Press Information Bureau

NEW DELHI -- India and Iran signed a landmark pact on Monday to develop Chabahar, a port in the Persian Gulf, that New Delhi expects will expand its trade with landlocked Afghanistan and energy-rich Central Asia by bypassing more direct -- but unavailable -- land routes through Pakistan.

It was among 12 agreements signed by officials of the two countries during Prime Minister Narendra Modi's two-day visit to Iran that started on Sunday. These also covered cultural exchanges, science and technology, and railways.

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