BAKU, Azerbaijan, May 18. The International North-South Transport Corridor (INSTC) will be beneficial for all the countries of the region, Iranian President Ebrahim Raisi said, Trend reports citing IRNA.
He made the remark at a signing ceremony of an agreement between Iran and Russia on the construction of the Rasht-Astara railway line in Gilan Province.
“The construction and completion of the Rasht-Astara railway line as part of the INSTC, between Iran and Russia will be beneficial for all countries through which this corridor passes. This corridor extends from East and South Asia to the Caucasus and Northern Europe. At the same time, it will contribute to friendship, economic and trade cooperation among the countries through which the corridor passes,” he said.
Raisi added that Iran is the cheapest, most profitable, and closest route for trade, economy, and transit work.
The president also points out that Iran focuses on all directions of the International North-South Transport Corridor. Via the Eastern route of the corridor, Iran has access to Russia via Turkmenistan and Kazakhstan, and via the Central route to Russia via the Caspian Sea. In the central route, the strengthening of ports and the increase of sea vehicles are in the spotlight.
On May 17, 2023, an agreement on the construction of the Rasht-Astara railway line was signed between Iran and Russia in Tehran. Iranian President Ebrahim Raisi and Russian President Vladimir Putin took part in the signing ceremony online.
In general, 9 stations will be built on the 163 km long Rasht-Astara railway line. With the completion of the construction of this railway, the International North-South Transport Corridor will be improved and Iran's railway network will be connected to the Caucasus countries, Russia, and Northern European countries.
According to the agreement, the Russian side is expected to spend 1.6 billion euros on the construction of this railway. This railway is planned to be built and completed within 48 months.
As reported, Iran has already started construction of its Rasht-Astara railway line, however, due to the high cost of construction, the country is looking to attract foreign investment. According to the Iranian side, a total of 200 trillion rials (about $4.76 billion) is needed for the construction of this railway line.
The foundation of the ‘International North-South Transport Corridor’ was laid on the basis of an intergovernmental agreement signed between Russia, Iran, and India on September 12, 2000. In total, 13 countries have ratified the agreement, including Azerbaijan, India, Iran, Russia, Türkiye, etc.
The purpose of creating a corridor is to reduce the delivery time of cargo from India to Russia, as well as to North and West Europe. Delivery time on the current route is more than 6 weeks, it is expected to be reduced to 3 weeks via North-South Transport Corridor.
Iran's 175 km-long Qazvin-Rasht railway was officially put into operation on March 6, 2019, to connect Azerbaijani railways with the Iranian railway network within the corridor. In addition, the 167 km long Rasht-Astara railway line will be built in Iran.
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