North-South Transport Corridor Benefits from Russia/Iran Investment

Russia and Iran have discussed intentions to jointly develop the North-South International Transport Corridor (ITC) according to Russian Deputy Prime Minister Alexander Novak.

• "Today, we have reaffirmed an agreement on developing the required trade and economic infrastructure as soon as possible. This concerns the development of the North-South corridor, which should increase its capacity several times in the next decade," Novak said.
• He added it involves the retrofit of ports, including in the Caspian Sea, establishment of logistics centers, and involvement in the construction of the required infrastructure.
• The International North–South Transport Corridor is a 7,200-km-long multi-mode network of ship, rail, and road route for moving freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe.
• Russian investments in Iranian oil are seen as the missing link to rejuvenating the corridor.
• Currently, only 70 per cent of the line is complete. With investments from Iran and Russia’s oil trade, as well as Russia’s aid, the construction period of the railway will be significantly reduced, which is expected to be finished by mid-2023.