MOSCOW, May 24. /TASS/. The development of the North-South corridor is extremely important and capable of fundamentally changing the transport structure of Eurasia, Kazakh President Kassym-Jomart Tokayev said on Wednesday.

"Last year’s events made the development of the North-South transport corridor as the key element of new global logistics abundantly clear again. This longitudinal corridor aligns with latitudinal Transcaspian international transport route. This is why we see notable synergy in coordinated and systemic development of both routes. This is not only the area of growth for industry, transport, economy, those routes are able of fundamentally changing the level of cooperation and interaction inside the huge Eurasia," he said at a plenary session of the second Eurasian Economic Forum.

An intergovernmental agreement on the creation of the multimodal transport corridor North-South was signed by Russia, India and Iran in 2000. Later, the number of participants rose to 14. The project is aimed at attracting transit of cargo flows from India, Iran and the Persian Gulf countries through Russian territory to Europe. Currently the project unites several various transport systems of separate countries. India has invested around $2.1 bln in it, with part of the funds being poured into the construction of transport infrastructure in Iran.