BAKU, Azerbaijan, July 29. Strengthening trade ties and optimizing cargo transport along the International North-South Transport Corridor (INSTC) were key topics of discussion at a recent meeting between Denis Afanasev, head of the government of Russia’s Astrakhan region, and Seyed Mahdi Pakzat, advisor to the head of the Iranian Mostazafan Foundation and chairman of the board of Paya Tarabar Sina Holding, Trend reports.
Afanasev highlighted the significant potential for development within the INSTC, as cargo turnover between Astrakhan and Iran has seen a 60 percent increase in the past year, with cargo flows reaching nearly 2.5 million tons in the first five months of 2023.
Improvements in infrastructure, such as the dredging of the Volga-Caspian Sea shipping channel to a draft of 4.5 meters, have facilitated this growth in cargo transport. The Astrakhan region’s ports, with a potential capacity of 16 million tons, have established a Caspian cluster to further enhance trade and logistical operations.
The collaboration between Astrakhan Special Economic Zone Lotus and Paya Tarabar Sina company is driving progress within the INSTC, which has been evolving since 2000 with the involvement of 14 countries, including Azerbaijan.
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