Moscow, Tehran consider joint shipping company, says Iranian Ambassador

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MOSCOW:Iran’s ambassador to Russia, Kazem Jalali, disclosed that Tehran and Moscow are engaged in discussions regarding the establishment of a joint shipping company. The initiative is part of their efforts to enhance the strategic cooperation between the two nations and strengthen their respective shipping fleets.

In an interview with the Rossiya-24 TV Channel on Friday, Jalali shared that the idea of a joint shipping company was deliberated between Iranian and Russian officials. The proposal has been well-received by both sides, including Russia’s First Deputy Prime Minister, Andrey Belousov.

Jalali emphasized the need to reinforce ports and establish efficient connections between them, comparing the potential for freight shipping to that of railroads. The two countries are working collaboratively on multiple fronts, facilitating bilateral trade and business, expediting transit routes like the North-South Transit Corridor (including its Caspian Sea component), and linking their banking systems to facilitate financial transactions.

The emerging developments occur in the context of Iran and Russia planning to broaden their cooperation through the finalization of a long-term strategic cooperation agreement. Official reports indicate that trade between the two nations doubled in 2022, and Russia became Iran’s largest foreign investor with a significant investment of $2.76 billion during the Iranian calendar year ending in March.