Iran and Russia have plans to invest as much as $38 billion in the development of the International North-South Transport Corridor (INSTC), according to an official with the knowledge of the matter.
The Iranian CEO of Solyanka Port in Russia made the remarks speaking at a specialized meeting of an international conference entitled “INSTC- New Concept”, which was held in Astrakhan Port of Russia.
The governor general of Russia’s Astrakhan, Iran’s ambassador to Russia, manager of Afghanistan Railway Company, CEO of Iraq Railway Company and president of the INSTC corridor delivered separate speeches in the inaugural ceremony of the conference.
The Iranian CEO of Solyanka Port in Russia said that the INSTC is a key element of the transportation network in Eurasia.
He pointed to the three branches of the INSTC corridor, including the western, eastern and maritime or trans-Caspian routes and noted that Iran and Russia have considered investing about $38 billion for the development of the corridor.
He further highlighted the measures taken by the Islamic Republic of Iran Shipping Lines (IRISL Group) to develop the INSTC route, including purchasing 30 rail wagons, 5,400 containers, and buying and ordering the construction of 21 equipped vessels for strengthening the maritime routes.
The investment of the IRISL Group at Russia’s Solyanka Port to increase the capacity of the port and its infrastructure and purchase ships is among the most important measures taken by the group, he added.