Iran’s INSTC route gains attention at TransRussia 2023 expo
Iran’s International North-South Transit Corridor (INSTC) drew significant interest from exporters and importers at the TransRussia 2023 exhibition, held in Moscow from April 17 to 19. The exhibition focused on transport and logistics services, warehouse equipment, and technologies. Visitors from Russia, China, India, and Pakistan expressed keen interest in utilizing the INSTC route.
Amir Bayat-Tork, the deputy head of the Islamic Republic of Iran Shipping Line, said that a considerable number of visitors to the IRISL pavilion confirmed their readiness to use Iran’s axis of INSTC after receiving the relevant information. He emphasized that Iran’s axis on the corridor spans only 7,200 kilometers, leading to a reduction of transit time by 40% and a 30% drop in transportation expenses, compared to the typical routes for sending goods from India to St. Petersburg, Russia, which measure about 14,500 kilometers in length.
Cutting transportation costs
Bayat-Tork called upon the relevant ministries and the Islamic Republic of Iran Customs Administration to assist in reducing transportation costs for containers at entry and exit points. He also expressed his hopes for the IRICA and the Central Insurance of Iran to support and maintain the stability of the Iran route for cargo insurance during transit.
At the exhibition, a number of major corporations expressed their interest in collaborating with Iran. One firm that possesses an impressive fleet of 3,000 rail cars, suitable for use on the rail freight route from Bandar Abbas to Moscow, showed interest in collaborating with Iran. Another firm, which has 500 containers at its disposal, has also affirmed its willingness to participate in the projects associated with the Iran axis of INSTC.
Bayat-Tork emphasized that the IRISL’s debut appearance at the TransRussia exhibition is in accordance with the 13th government’s policies aimed at bolstering the international corridor and elevating the longstanding trade ties between Iran and Russia.
The TransRussia exhibition comprised a total of 12 diverse sections that encompass logistics services, road transport, rail, air, sea, ports, terminals, and e-commerce. Over 430 corporations hailing from 22 different nations, including China, Iran, Belarus, Kazakhstan, India, Finland, Hong Kong, South Korea, Türkiye, and the United Arab Emirates, participated in the event.