Iranian Minister Calls for Implementation of INSTC in Meeting with Russian Official

Minister of Economic Affairs and Finance of Iran Abdolnaser Hemmati stressed the need to implement the International North-South Transport Corridor (INSTC) as a transit route to boost cooperation between the Islamic Republic, Russia, India, and the Persian Gulf states.

Hemmati made the remarks on Monday in a meeting with the visiting aide to the President of the Russian Federation Vladimir Putin, Igor Levitin, IRNA reported. It is expected that Russia will seriously support the mega project of the INSTC, he pointed out.

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. He expressed hope that Russian investments in Iran, especially in oil and logistics and transit infrastructure projects, would expand.

For his part, the Russian side said that the implementation of the INSTC is underway on the special order of the president of Russia. Levitin said that his country is to allocate a budget for the Rasht-Astara railway. - Iran Daily