BAKU, Azerbaijan, November 27. The World Bank forecasts a substantial threefold increase in transportation volume through the Trans-Caspian International Transport Route (TITR) by 2030, Trend reports.
In particular, the volume of cargo via the Caspian Sea is expected to reach an impressive 11 million tons. This surge signifies a remarkable 209-percent growth from the current figures, the WB says.
Moreover, the countries of the Middle Corridor countries are poised for a significant trade boom, with a projected total volume of 7 million tons, marking a robust 169-percent increase. The individual contributions to this surge include Kazakhstan at 6.2 million tons (up by 186 percent), Georgia at 0.9 million tons (up by 52 percent), and Azerbaijan at 0.7 million tons (up by 86 percent).
Transit volumes are expected to experience an unprecedented upswing, reaching a total of 4.4 million tons and reflecting an extraordinary 303-percent growth. Notably, the China/Europe transit route is anticipated to skyrocket to 2.7 million tons, showcasing an extraordinary 5268-percent surge. Additionally, the transit route from Uzbekistan to Europe is expected to reach 1.3 million tons, representing a substantial 71 percent increase.
According to the WB model, although transit across the Caspian Sea is projected to triple, it will remain predominantly a regional corridor, with only a small portion of these volumes allocated to transcontinental trade.