TODAY.AZ / Business

Azerbaijan attends event on Middle Corridor held in Tbilisi

27 February 2024 [11:46] - TODAY.AZ
Abbas Ganbay

A regional event is being held today in the Georgian capital Tbilisi on the recently published World Bank study "The Middle Trade and Transport Corridor: Policies and Investments to Triple Freight Transport and Halve Transit Time", Azernews reports.

The event brings together representatives of the governments of Georgia, Azerbaijan, Kazakhstan, and Armenia, as well as representatives of state-owned enterprises, the private sector, and think tanks, to discuss the main findings of the World Bank study.

The objective is to develop a regional approach to improve the operational efficiency of the corridor and overcome existing challenges.

Azerbaijan is represented at the event by Deputy Minister of Digital Development and Transport Rahman Gummetov and Head of Department of Baku International Sea Trade Port CJSC Khudayar Hasanli.

The World Bank's study "Middle Trade and Transport Corridor: Policies and Investments to Triple Cargo Volume and Halve Transport Time by 2030" and the study "Digitalization of the Middle Corridor" will be presented at the event.

The World Bank report identified measures that can make the Middle Corridor an important and reliable trade route. It was reported that the Middle Corridor could triple the volume of goods transported between 2021 and 2030, while cutting transit time in half.

With careful and rigorous coordination of investments and policy measures, the Middle Corridor can provide some degree of economic and geopolitical stability for transcontinental trade.

As a reliable route, the corridor will help unlock the trade and development potential of Central Asia and the South Caucasus, and integrate these regions with China, Europe, and the world through access to ports.

Recall that the "Middle Corridor" was established in February 2014 with the participation of relevant structures from Azerbaijan, Kazakhstan, and Georgia. Later, Ukraine, Romania, and Poland joined the project. Currently, the route starts from the China-Kazakhstan border and passes through the territory of Kazakhstan, the Caspian Sea, Azerbaijan, and Georgia to Europe. A single tariff has been created along the entire route, and the "one-stop-shop" principle is applied.

In 2023, 2 mln 750 k tons of cargo will be transported along the Middle Corridor, which is 64% more than in 2022.

URL: http://www.today.az/news/business/245378.html

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