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Iran, Russia discuss INSTC completion to boost trade
According to IRNA report, the meeting was part of the efforts of the two countries to strengthen infrastructure cooperation and develop international transportation routes, which plays a key role in improving regional economic and commercial relations.
In the meeting, the Iranian minister emphasized the necessity of maximum commercial use of existing rail capacities.
For his part, Levitin, who was the former minister of roads of Russia for eight years, talked about the importance of rail transport logistics.
On Monday, Minister of Economic Affairs and Finance of Iran Abdolnaser Hemmati stressed the need to implement the INSTC as a transit route to boost cooperation between the Islamic Republic, Russia, India, and the Persian Gulf states.
Hemmati made the remarks in a meeting with Levitin, saying it is expected that Russia to seriously support the mega project of the INSTC.
The government of the Islamic Republic supports the investment of other countries in the project, he said, voicing Iran’s readiness to facilitate the participation of other countries in the INSTC by providing specific investment incentives.
The INSTC is a 7,200-km (4500 mile) long multi-mode network of ship, rail, and road route for moving freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe.
The route primarily involves moving freight from India, Iran, Azerbaijan and the Russian Federation 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 and Bandar Anzali.