INSTC promotes regional businesses

The development of the International North-south Transport Corridor (INSTC) will reduce the costs and save transit time while promoting regional and national business.

Speaking at the seventh meeting of the coordination council of International North-south Transport Corridor, Deputy Minister of Roads and Urban Development Shahram Adamnejad said, “Increase of transit development and rise of trade is important for the corridor members.”

According to Trend News Agency, he referred to the corridor construction agreement signed between Iran, India and Russia in 2000, and said, so far six coordination meetings have taken place.

“Regarding the reaction of corridor members to the latest trade situation and need 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 steps that include commercializing the alternative routes in the corridor, creating opportunities for close cooperation 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.”

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