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Freight flow along North-South transport corridor to gain 35% in 2023 — ministry

According to the Russian Economic Development Ministry’s forecast, the freight flow along the route will grow to 31.7 mln tons

MINERALNYE VODY, May 3. /TASS/. The freight flow along the International North-South Transport Corridor is expected to grow by 35% in 2023 compared with 2022, Russia’s Deputy Minister of Economic Development Dmitry Volvach said on Wednesday.

"According to the Russian Economic Development Ministry’s forecast, the freight flow along the International North-South Transport Corridor will rise by 35% in 2023 compared with 2022 to 19.5 mln tons, and to 31.7 mln tons by 2030," he said at the Caucasus Investment Exhibition in Mineralnye Vody. The International North-South Transport Corridor is the most important transport and logistics corridor now that connects Russia, Azerbaijan, Iran and India, Volvach added.

In his speech deputy minister focused on investment projects for the development of the corridor that are planned on the territory of various countries in the future, noting that more than 100 projects totally worth $38 bln are expected to be implemented within the framework of construction of infrastructure facilities for the transport corridor.

An intergovernmental agreement on the creation of the International North-South Transport Corridor was signed by Russia, India and Iran in 2000, with several other countries joining it later. Moscow ratified the document in 2022. The project is aimed at ensuring the transit of cargo from India, Iran and Persian Gulf countries through Russian territory to Europe.

Earlier, Russia’s Economic Development Ministry said it expected an increase in freight flow along the International North-South Transport Corridor to 25 mln tons by 2030.

The Caucasus Investment Exhibition is taking place from May 3 to 4 at MinvodyExpo in the city of Mineralnye Vody. The exhibition is aimed at developing the regions that make up the North Caucasus Federal District. The event brings together key investors, initiators of investment projects, development institutions and banks in the North Caucasus, with experts, entrepreneurs and manufacturers presenting new economic vectors and business ideas, as well as current development trends and strategies. The event is supported by the Ministry of Economic Development of the Russian Federation and organized by the Roscongress Foundation, while Northern Caucasus Resorts is its strategic partner. TASS is the event’s information partner.

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