"The North-South project plays an enormous role for the development of the region. Russia and Iran are our neighbors with large economies. It is exciting that our neighbors’ routes cross in Azerbaijan. Political and economic relations between our countries are at a high level. The North-South project will bring dividends to Azerbaijan, Russia and Iran," Gurbanov told journalists.
Iran and Azerbaijan are parties to the INSTC project based on the 2002 agreement, which also involved Russia and India as well as some Central Asian and European countries. The project envisages construction of transport and infrastructure facilities along the shipping route from South-East Asia to Northern Europe through India, Iran, Azerbaijan and Russia.
The North-South Transport Corridor project aims to reduce the costs and the time of ship, rail and road transport deliveries between the countries located along the route.