India to work with Iran, Russia to operationalize NorthSouth Corridor
India will work with Iran and Russia to operationalize the NorthSouth Corridor, India's Commerce and Industry Minister said, an Indian daily reported.
uresh Prabhu said that the country intends to cooperate with Iran and Russia to activate the NorthSouth Corridor, the Business Standard wrote.
Prabhu, during a meeting with a Russian business delegation, said India, Russia and Iran will hold a trilateral meeting on the International North South Transport Corridor INSTC on November 23 to make the 7,200kmlong ship, road, and rail route operational soon..
He stressed: 'all issues may be resolved in order to operationalize the route as early as possible'.
Prabhu said that the corridor is an important initiative taken by India, Russia and Iran to promote transport cooperation and to enhance connectivity with central Asian countries.
'The INSTC is the shortest multimodal transportation route linking the Indian Ocean and Persian Gulf via Iran to Russia and North Europe,' the Indian Ministry of Commerce and Industry said in the statement.
'The estimated capacity of the corridor is 20 to 30 million tons of goods per year and will reduce time and cost by 30 percent to 40 percent,' it added.
Russia has invested $1.2 billion in India between 2000 and 2017 mainly in oil and gas, defense equipment supplies, power and energy and largescale infrastructure projects.
In 2017, total trade between India and Russia was at $10.13 billion.
The International North�South Transport Corridor INSTC is a 7,200kmlong multimode network of ship, rail, and road route for moving freight between India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe.
The route primarily involves moving freight from India, Iran, Azerbaijan and Russia via ship, rail and road. The objective of the corridor is to increase trade connectivity between major cities such as Mumbai, Moscow, Tehran, Baku, Bandar Abbas, Astrakhan, Bandar Anzali, etc.
Source: Islamic Republic News Agency IRNA