North-South project implementation to contribute to economic development of all participating countries

Business Materials 29 March 2018 20:42 (UTC +04:00)

Baku, Azerbaijan, March 29

By Ilkin Shafiyev – Trend:

The implementation of the North-South transport project will contribute to the development of the economies of all participating countries, Elshad Mammadov, expert in economic issues, doctor of economic sciences, told Trend March 29.

"The project will give not only an impetus to the development of infrastructure in the participating countries, but will also have a multiplier effect on the economies of these countries,” Mammadov said. “The center of the world economy is gradually shifting towards the Asian region, where such countries as China and India are located. In this regard, investments made in transport projects, uniting Asia and Europe, are very promising, because the cargo transportation volumes grow from year to year."

Azerbaijan and Iran have recently signed an agreement on financing the construction of the Astara-Rasht railway section in Iran.

"Azerbaijan is the main investor in the North-South project,” Mammadov said. “Of course, it is necessary to make investments to create stable competitive advantages of the project because Iran and Russia are the biggest economic players in the region. Azerbaijan should show an initiative in the activity with these countries."

The Qazvin-Rasht-Astara (Iran)-Astara (Azerbaijan) railroad is part of the North-South transport corridor that will connect Northern Europe with South-East Asia, as well as by uniting the railways of Azerbaijan, Iran and Russia.

The cargo will be transported through India and further through the Persian Gulf, Iran, Azerbaijan, Russia in the direction of the Scandinavian countries and Northern Europe within 14 days.