Russia, Iran discuss joint development of North-South corridor, port infrastructure

GROZNY. Nov 1 (Interfax) - Russia and Iran have discussed intentions to jointly develop the North-South International Transport Corridor (ITC), Russian Deputy Prime Minister Alexander Novak told reporters following a meeting of the two countries' intergovernmental commission in Grozny.

"Today, we have reaffirmed an agreement on developing the required trade and economic infrastructure as soon as possible. This concerns the development of the North-South corridor, which should increase its capacity several times in the next decade," Novak said.

He added that this implies the retrofit of ports, including in the Caspian Sea, establishment of logistics centers, and involvement in the construction of the required infrastructure.