Economy, Domestic Economy

Iran, Russia, Azerbaijan to Discuss INSTC

Iran, Russia, Azerbaijan to Discuss INSTCIran, Russia, Azerbaijan to Discuss INSTC

The presidents of Russia, Azerbaijan and Iran-Vladimir Putin, Ilham Aliyev and Hassan Rouhani respectively-will meet in Baku on August 8 to discuss the International North-South Transportation Corridor, Azerbaijani Foreign Minister Elmar Mamedyarov and Iran’s Minister of Communications and Information Technology Mahmoud Vaezi made a joint announcement at a meeting on Tuesday.

“The ministers noted that INSTC will become one of the main topics at the trilateral meeting of the heads of state and expressed confidence that the project would be a great contribution to developing inter-regional cooperation,” Azerbaijani Foreign Ministry’s press service was quoted as saying by Trend News Agency.

Vaezi, a co-chairman of Azerbaijan-Iran State Commission for Cooperation in the Economic, Trade and Humanitarian Spheres, is staying in Baku to prepare the visit of Iranian President Hassan Rouhani to Azerbaijan.

In his meeting with President Aliyev on Tuesday, opportunities of mutual cooperation in the fields of oil and gas, transportation, investments, finance, banking, agriculture, tourism and health were discussed, IRNA reported.

Earlier in the day, Vaezi also held talks with Azeri Minister of Economy Shahin Mustafayev.

The North-South Transportation Corridor will connect Northern Europe and Southeast Asia via the railroads of Azerbaijan, Iran and Russia.

Iran has started the construction of a 2-kilometer railroad connecting the northwestern city of Astara to an already under-construction rail bridge on the river of Astarachay along Iran-Azerbaijan border, says Astara’s Governor Sirous Shafaqi.

This is part of the INTC project connecting Iran and Azerbaijan.