International North South Transport Corridor promotes regional businesses

6 March 2019 13:14 (UTC+04:00)

By  Trend

The development of the International North South Transport Corridor would reduce the costs and save transit time while it would promote the regional and national business.

Speaking at the 7th meeting of the coordination council of International North South Transport Corridor (INSTC) the Deputy Minister of Road and Urban Development Shahram Adamnejad has said, "Increase of transit development and rise of trade is important for the corridor members," Trend reports.

Referring to the corridor construction agreement signed between Iran, India and Russia in 2000, he said, so far six coordination meetings have taken place. "The operation of the International North South Transport Corridor would save time and money," Adamnejad added.

"In regards to reaction of corridor members to the latest trade situation and necessity to boost economic transaction that aims to promote regional and national businesses, many have reconsidered the role of transit," he added.

He noted, that Iran implemented actions, that include commercializing the alternative routes in the corridor, creating close cooperation opportunity between the government and private sector, establishing logistical centers, identifying tourism attractions alongside transit route while considering necessary environmental issues, and reducing emission.

"Iran is prepared for close cooperation to attract foreign investment," he added. "There have been incentives that are planned for investment."

Iran is hosting the 7th Coordination Council and the North South Corridor ministerial meeting in Tehran on March 4 -5.

Representatives of Iran, Russia, India, Azerbaijan, Oman, Armenia, Bulgaria, Turkey, Belarus, Syria, Kazakhstan, Kyrgyzstan and Tajikistan have attended the meeting.

The International North–South Transport Corridor is a multi-mode network of ship, rail, and road route that links the Indian Ocean and Persian Gulf mostly through Iran, Azerbaijan and Russia and connects to the Central Asia and Europe.

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