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Development of Trans-Caspian International Transport Route discussed with World Bank

Development of Trans-Caspian International Transport Route discussed with World Bank
Фото: Ministry of National Economy 30.11.2023 10:00 3982

In Astana, the Minister of National Economy of the Republic of Kazakhstan, Governor of the World Bank from Kazakhstan Alibek Kuantyrov held a meeting with representatives of the World Bank, El.kz reports with reference to the department.

The World Bank's team of consultants presented the main findings of their study "The Middle Trade and Transport Corridor: Necessary Strategic Decisions and Investments to Triple Freight Volume and Halve Transit 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, which will help to 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 were touched upon.

According to the World Bank, improving the efficiency of TITR management will increase the volume of trade with the European Union by 28%, as well as trade with Georgia and Azerbaijan by 37%. Prospects for coordination with Turkey, Georgia, Azerbaijan and China to increase the throughput of goods have been identified.

As the head of the Ministry of National Economy noted, the priority areas of the document will diversify our main flows and create more potential for the development of international trade. The TITR is one of the most promising routes, taking into account the current logistics situation.

In turn, the World Bank Country Manager for Kazakhstan Andrey Mikhnev confirmed the readiness of the World Bank to develop this area.

In conclusion, the head of the Ministry of National Economy thanked the World Bank for the work done and the proposals developed for the strategic analysis of the route, and also expressed openness to cooperation.

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