The article is devoted to a comprehensive study of a modern international project related to the construction and development of the North-South transport corridor. This project aims to create a multimodal transport system connecting Russia, Azerbaijan, Kazakhstan, Turkmenistan, Iran, India and other countries of the Asian region. The North-South International Transport Corridor (ITC) is based on three routes: western, central and eastern. The analysis of statistical data made it possible to conclude that the western route is the most developed, and the eastern route is the most dynamically developing. A special place in the article is occupied by the identification of problem areas and the proposal of specific measures for the active development of the North-South ITC, taking into account potential benefits and possible risks. Based on the available data, the advantages of the corridor for both the global and Russian economies have been identified, including strengthening positions in the international transport market, diversifying transport routes, developing regions far from the center, reducing dependence on traditional routes of communication and increasing resilience to external, including geopolitical, risks. In conclusion, it was noted that the implementation of the North-South ITC project faces a number of challenges, including the need for significant investments in the development of transport infrastructure, balancing ongoing investment programs, simplifying customs procedures and ensuring transportation safety. However, the introduction of additional North-South MTK branches in the North Caucasus (including North Ossetia) is a fairly promising direction that can significantly improve the transport accessibility of the Caucasian regions, as well as stimulate their economic development.