North-South ITC: Funds Will Exceed $2 Trillion

North-South ITC: Funds Will Exceed $2 Trillion

The United Arab Emirates (UAE) expects that by 2030, the total volume of funds of the North-South ITC logistics project will exceed $2 trillion.The statement was made by the UAE Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi in his speech at the international economic forum "Russia - Islamic World: KazanForum" held on May 18-19 in Kazan, Tatarstan, the press service of the international forum reported.

The UAE envisages that up to 100 countries will be involved in the development of this logistics business, the Minister added.

Tani bin Ahmed Al-Zeudi noted that the North-South ITC is one of the promising areas where innovations can be used, including the development of routes to Africa.

"The project will develop both our market and that of other countries. The North-South corridor will connect us not only with Russia but also with the countries of central Europe and Asia", Minister Al-Zeyoudi said.

Forum participants, Russia and Eurasia countries in particular, also discussed the large-scale development of the North-South international transport corridor, the project of which includes an increase in container freight deliveries by 15-30 times.

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