Iran-Russia is considering establishing a shipping company that could complement INSTC

Iran and Russia are considering establishing a shipping company that could complement INSTC, which connects India to Russia via Iran.

Iran’s Ambassador to Russia Kazem Jalali recently stated that authorities in Tehran and Moscow are considering establishing a cooperative shipping company as part of efforts to strengthen strategic cooperation.

Jalali said this on Friday in an interview with the television channel Rossiya-24 and referred to efforts to strengthen the sea fleet between Tehran and Moscow.

“There is a need to strengthen our ports; There is a need to strengthen the ship fleet.

Even to set up a joint shipping company. I just had a conversation with the First Deputy Prime Minister of Russia, Andrei Belousov. The Iranian Minister of Transport also discussed this topic with him. Our Russian counterparts welcomed the creation of a joint shipping company,” the Iranian diplomat stressed.

He explained that “countries need to develop ports and connect them like railroads. The potential for cargo shipping there is huge.”

Moscow and Tehran are working together on several fronts to boost bilateral trade, accelerate the development of transport links, including the International North-South Transit Corridor and its Caspian Sea component, and integrate their banking systems to conduct financial operations facilitate. Recently, Iran, India and Russia held a high-level meeting on the smooth implementation of INSTC.

The move comes at a time when Iran and Russia are preparing to finalize a long-term strategic cooperation agreement that will open up several new areas for cooperation.

Trade exchanges between the two nations have quadrupled in 2022. Russia became Iran’s largest foreign investor in the Iranian calendar year that ended in March, with investments totaling $2.76 billion.

Iran and India are also focusing on full optimization of the Chabahar port, which would also improve connectivity with Central Asia.

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