TEHRAN - Iran and Russia on Monday highlighted the necessity to complete the implementation of a transport route linking South Asia to Northern Europe, known as the International North-South Transport Corridor (INSTC).

In a meeting held in Tehran, Iranian Minister of Economic Affairs and Finance Abdolnaser Hemmati and Russian president's senior aide Igor Levitin discussed bilateral economic cooperation, according to Iran's official news agency IRNA.

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The Iranian minister said the INSTC's swift implementation would help enhance cooperation among Iran, Russia, India, and regional Arab states.

He added that Iran expects Russia to "seriously" support the INSTC megaproject. Hemmati said the Iranian government supports investments in the implementation of the international corridor, voicing its readiness to facilitate other countries' participation in the project by offering special investment incentives.

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He expressed hope that Russia's investment in Iran, especially in the country's oil, infrastructure and transit projects, would increase. Levitin, for his part, said Russian President Vladimir Putin has allocated a budget for the construction of a railway in northern Iran, which would be a part of the INSTC upon completion.

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He added that 15 million tons of products could be transported through the rail route, and the capacity could be increased to 50 million tons.

He said the Russian president had issued a special directive for the INSTC's speedy implementation.