India pins great hopes on North-South transport corridor

Indian Shipping Minister Ved Prkast Goyal is confident that Indian exports will enjoy great advantages on the world market when the North-South transport corridor, which will stretch from the Arabian to the Baltic Sea, opens.

In a meeting with journalists, the minister stressed that the shipping corridor, which connects India with Russia via Iran, will soon compete with the Suez Canal. This corridor will allow India to increase the level of its exports while slashing transit times.

Goyal took part in the work of a coordination committee that included representatives from Russia, India and Iran and was based in St. Petersburg at the end of May.

According to him, a number of countries have already indicated their desire to use the North-South transport corridor.