According to World Bank estimates, improving the management efficiency of the Trans-Caspian International Transport Route (TITR) will increase Kazakhstan’s trade volume with the European Union by 28%, as well as trade turnover with Georgia and Azerbaijan by 37%. This became known during a meeting of the Minister of National Economy (MNE) of the Republic of Kazakhstan, Governor of the World Bank from Kazakhstan Alibek Kuantyrov with representatives of the World Bank, Apkinform reports.
According to the press service of the MNE, a team of World Bank consultants presented the main findings of their study “Medium Trade and Transport Corridor: Necessary Strategic Decisions and Investments to Triple Freight Volume and Halve Travel Time by 2030.”
The report identifies key areas and investments needed to meet transport demand and support economic development in Kazakhstan, Azerbaijan and Georgia. An analysis of possible solutions has been carried out that will help increase the current volume of cargo transportation on the Trans-Caspian route by 3 times. The issues of optimization of information systems, water and railway transport are touched upon.
Prospects for coordination with Türkiye, Georgia, Azerbaijan and China have been identified to increase the throughput of goods.
As the head of the MNE noted, the priority areas of the document will make it possible to diversify the main cargo flows and create more potential for the development of international trade.