India has signed 12 agreements with Iran, one of which is a deal to operate a strategic port in Chabahar. It is located on the Persian Gulf nation's southern coast.

After signing agreements in Tehran, a joint press conference was held that was presided by Iranian President Hassan Rouhani and PM Narendra Modi. Rouhani said, "Chabahar can become a very big symbol of co-operation between Iran and India,"

"The Chabahar port can serve as a point of connectivity between different countries, specially India and Afghanistan," he added.

PM Modi described the agreement to develop Chabahar port as a key milestone. India will provide $500 million towards the deal. The PM said, "Our dosti is as old as history."

"The outcomes and agreements signed today open a new chapter in our strategic partnership," he added.

PM said that views were exchanged between India and Iran regarding on the emerging regional situation and global issues of common concern. He said that both the countries would consult each other regularly and closely to combat terrorism threats, drug trafficking,  radicalism and cyber crime. In Iran's Chabahar free trade zone, India will invest billions of dollars to set up industries, ranging from aluminum smelter to urea plants.

- Sumana