In a significant step towards enhancing Eurasian connectivity, Kazakhstan, Iran, Turkmenistan, and Russia have signed a crucial roadmap in Aktau, Kazakhstan. This agreement, inked on July 19, 2024, outlines the synchronized development of the eastern route of the International North-South Transport Corridor (INSTC) for 2024-2025, according to Report.
The signing ceremony took place during the inaugural North-South Transport and Export Forum, organized by Kazakhstan’s Ministry of Transport. This event has drawn over 440 delegates from 12 countries, including Azerbaijan, Armenia, Afghanistan, Russia, Belarus, Turkmenistan, UAE, Iran, Iraq, Oman, and Uzbekistan. Representatives from the Economic Cooperation Organization and the Eurasian Economic Commission are also in attendance.
The North-South corridor, terminating at Persian Gulf ports with further access to India, presents vast opportunities. As stated in the official release, it can become one of the locomotives of Kazakhstan’s economic development.
This ambitious project aims to significantly boost the corridor’s capacity to 15 million tons per year by 2027 and to 20 million tons annually by 2030.