Baku. TurkicWorld:
The Middle Corridor is not just a transport highway, it serves as a driving force and stimulus for economic diversification and investment attraction, Head of the Strategic Planning and Development Department of the Center for Analysis of Economic Reforms and Communication (CAERC), doctor of economic sciences Agil Asadov said, TurkicWorld reports.
Commenting on the latest report by international rating agency Moody's, which highlighted the importance of the Middle Corridor's development, the CAERC representative expressed confidence that this project will play a unifying role for Turkic states with a combined GDP of over $1 trillion. It will support economic diversification in the region and strengthen their credit profiles.
"Efficient delivery of goods and services and the ability to adapt flexibly to global changes bring significant benefits and dividends to the states. Transportation corridors drive progress. In this regard, Azerbaijan has several advantages due to its strategic geographical location and well-thought-out policies," said Asadov.
He believes that after striking oil, the transport system is a gold mine when it comes to implementing international transport corridors, projects, and programs.
"As a result of a series of initiatives that began with the 1998 international conference in Baku on the restoration of the 'Great Silk Road,' Azerbaijan is becoming an important transport and logistics center between Europe and Asia," noted the CAERC representative.
He also recalled that the importance of building a sustainable future through transport projects was discussed during the informal summit of the Organization of Turkic States (OTS) in Azerbaijan's Shusha on July 6.
"The Shusha Declaration highlighted that the Trans-Caspian International Transport Route (Middle Corridor), which connects Europe, Türkiye, the South Caucasus, Central Asia, and China, aims to further enhance cooperation to strengthen regional integration, optimize transport operations and customs procedures, and ensure rapid digitalization. The document underscores the opportunities and advantages of Azerbaijan as a transportation and logistics hub," said Asadov.
He noted that statements and reports from influential international organizations on the socio-economic and strategic importance of the Middle Corridor confirm its significance.
"The importance and prospects of the Middle Corridor have been extensively highlighted in the World Bank report 'Middle Trade and Transport Corridor: Policies and Investments to Triple Freight Volumes and Halve Travel Time by 2030.' Recently, the strategic role of the corridor for the region was further emphasized in a report by the international rating agency Moody's. All this underscores the growing importance of the Trans-Caspian International Transport Route (TITR) in the value chain, enhancing the well-being of the region's people," said the analyst.
To note, the Middle Corridor has been operating since 2014, but in the past two years, it has been functioning in an enhanced mode due to growing demand.
In the year 2023, a whopping 2.7 million tons of cargo sailed through this route, showing a remarkable 86 percent surge compared to the previous year. In 2024, the cargo flow may hit the jackpot and reach for the stars, exceeding a whopping 4 million tons.
