BAKU, Azerbaijan, September 26. Trump Route will make the South Caucasus region more integrated than ever before, Efgan Nifti, President of the Caspian Policy Center, said, Trend reports.
He was addressing the sixth annual Caspian Business Forum in New York held by CPC in partnership with the embassies of the Caspian Region.
Nifti gave opening remarks outlining the remarkable developments that have taken place in the Caspian region in the last year. He began by highlighting how the historic initialing of a peace agreement between Armenia and Azerbaijan, witnessed by President Donald Trump, can serve to unlock the vast potential of the South Caucasus and the wider Caspian region.
“The agreement between Armenia and Azerbaijan, mediated with support from the United States, represents not only a breakthrough for political stability, but also a new era for economic connectivity. With the launch of the Trump International Route for Peace and Prosperity, or Zangezur Corridor, the South Caucasus will be more integrated than ever before. This corridor has the potential to cut freight times by up to 40 percent, boost volumes to 15 million tons, and generate transformative growth—including a projected 30 percent increase in Armenia’s GDP within two years and sustained growth in Azerbaijan’s non-oil economy,” Nifti stated.
The CPC President highlighted the growing importance of transport connectivity in the Capian region through the projects such as the Middle Corridor. “The Middle Corridor continues to emerge as a vital artery linking Asia and Europe, and what was once a secondary route has become indispensable over the last few years, particularly as Russian routes are hampered by sanctions and maritime trade is constricted by hostilities in the Middle East,” Nifti said.
Nifti also shed light on the United States’ growing engagement in the Caspian region, both at the business and governmental levels: “Earlier this year, ExxonMobil signed an agreement with Azerbaijan’s SOCAR to expand onshore oil and gas exploration and production. Chevron announced a $48 billion expansion of the Tengiz oilfield in Kazakhstan—one of the world’s largest energy projects, and we are seeing other companies making similar investments. Meanwhile, earlier this month, Washington committed an initial $145 million to the TRIPP corridor—an important down payment on a future of enhanced connectivity and prosperity.”
He noted that these changes are driving increased regional cooperation and opening up lucrative business opportunities that were previously unimaginable.