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Indian Prime Minister Narendra Modi, left, walks with Iranian President Hassan Rouhani during an official welcoming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)
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Iran and India sign port deal, other economic agreements

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Iran and India sign port deal, other economic agreements

India says it will invest up to $500 million in a deal to develop a strategic port in Iran and plan a number of projects they say are worth hundreds of millions of dollars in joint projects

TEHRAN, Iran (AP) — India said Monday it will invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say are worth hundreds of millions of dollars.

The deal and plans were announced during a visit by Indian Prime Minister Narendra Modi, the first such trip in more than a decade.

In a ceremony marking the agreements, Modi said the bilateral agreement to develop Chabahar, in southern Iran, and the “availability of about $500 million from India for this purpose is an important milestone,” in relations between the two countries.

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The development of the port of Chabahar expands a trade route for the land-locked countries of central Asia that bypasses Pakistan.

Modi also described cooperation in the oil and gas industries as key components of economic cooperation between Tehran and Delhi.

President Hassan Rouhani said working on the port can be a “great symbol” of cooperation between Iran and India. He said Iran’s energy resources and Indian mines can pave ground for cooperation in the aluminum, steel and petrochemical industries.

The two leaders will discuss the port project later with visiting Afghan President Ashraf Ghani.

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Modi will also meet Iran’s Supreme Leader Ayatollah Ali Khamenei.

The two countries also signed a number of agreements to enhance technological, petrochemical and banking cooperation.

India also began paying back $6 billion in debt from past oil purchases, last week giving Iran $750 million. It has said it will pay back the remainder of the debt.

In 2012, Iran was India’s second-largest crude supplier but oil exports subsequently fell due to international sanctions over Iran’s disputed nuclear program.

Tehran has been seeking to reintegrate into the global economic system following a landmark deal with world powers that lifted sanctions in return for limiting its nuclear program.

First Published: May 23, 2016, 1:07 p.m.

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Indian Prime Minister Narendra Modi, left, walks with Iranian President Hassan Rouhani during an official welcoming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
Indian Prime Minister Narendra Modi, third left, reviews an honor guard as he is welcomed by Iranian President Hassan Rouhani, second left, during an official welcoming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
Indian Prime Minister Narendra Modi, third left, and Iranian President Hassan Rouhani, left, review the honor guard during a welcoming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
Indian Prime Minister Narendra Modi, left, walks with Iranian President Hassan Rouhani during a welcoming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (AP)
Indian Prime Minister Narendra Modi, left, stands with Iranian President Hassan Rouhani during a welcoming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
Indian Prime Minister Narendra Modi, center, walks with Iranian President Hassan Rouhani during a weloming ceremony at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
Indian Prime Minister Narendra Modi, left, meets with Iranian President Hassan Rouhani at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
Iranian President Hassan Rouhani, right, speaks with media during a joint press conference with Indian Prime Minister Narendra Modi at the Saadabad Palace in Tehran, Iran, Monday, May 23, 2016. (Iranian Presidency Office via AP)  (Uncredited)
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