BAKU, Azerbaijan, June 2. The Trans-Caspian International Transport Route [Middle Corridor] has gained strategic importance recently, President of Kazakhstan Kassym-Jomart Tokayev said, Trend reports.
He made the remark at the Central Asia-EU summit held in Kyrgyzstan today.
"We invite European partners to take a very active part in the development of ports of the Caspian Sea, the digitalization of their activities, as well as the joint production of transport vessels and the creation of logistics warehouses. The development of reverse cargo transit along the Trans-Caspian route is an additional opportunity for European exporters," he said.
President Tokayev noted that Kazakhstan is ready to work together with European partners to link TITR with the Trans-European Transport Network (TEN-T) and the "Global Gateway" initiative.
"The European Bank for Reconstruction and Development estimates that the Middle Corridor will further expand its annual capacity to 250,000-300,000 containers by 2030. To achieve these targets, we are working to introduce digital solutions and upgrade infrastructure. A relevant roadmap for the simultaneous elimination of bottlenecks and development of this route through the territories of Kazakhstan, Azerbaijan, Georgia and Turkey has been signed," the president said.
As the joint EBRD-EU study says, the total investment required to significantly improve the capacity of the Middle Corridor is estimated at approximately 18.5 billion euros.