BRICS business communities will prioritise the expedited development of the International North–South Transport Corridor (INSTC) and other interregional initiatives during the BRICS Business Forum in Moscow.

This was confirmed by Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, in a statement to Sputnik on Thursday.

“Our focus is on creating a seamless transport infrastructure: together with our partners, we are working on the accelerated development of the North–South transcontinental corridor. We are planning that the working group on transport and logistics within the BRICS Business Council will be engaged in the establishment of new interregional projects,” Katyrin told Sputnik.

The projects in the pipeline cover financial services, investment, industrial and energy development, trade and international cooperation sectors, the chamber’s head said.

“The BRICS Business Council has noted that in recent years, Russian entrepreneurs have been increasingly interested in trade and economic cooperation within the association’s framework,” Katyrin said.

Russian businesses have also been seeking new partnerships with friendly countries to ensure food security, sustainable supply of electricity and energy efficiency, among other areas of cooperation, Katyrin said, adding that joint ventures were already established in pharmacology and biotechnology.

The INSTC is a 4,500-mile multimodal transport route that will ensure the movement of passengers and cargo from Asia to Europe via Russia, offering an alternative to the sea route connecting Europe, the Persian Gulf and the Indian Ocean countries via the Suez Canal.

The INSTC will connect Russia, Azerbaijan, Iran and India.

The BRICS Business Forum will take place in the World Trade Centre in Moscow from October 17-18 and will be dedicated to strengthening cooperation aimed at sustainable economic development and global trade partnerships.

The Malaysian Reserve