ASTANA, Kazakhstan, June 7. Projects along the Trans-Caspian International Transport Route (TITR, or Middle Corridor) have attracted interest from EU financial institutions such as the European Investment Bank (EIB), Trend reports.
According to the Ministry of Foreign Affairs of Kazakhstan, this was stated during the 21st meeting of the Cooperation Committee (CC) "Republic of Kazakhstan - European Union". The co-chair from the Kazakh side was Deputy Minister of Foreign Affairs of Kazakhstan Roman Vassilenko, and from the European side - Deputy Managing Director of Russia, Eastern Partnership, Central Asia, and OSCE of the European External Action Service Luc Devigne.
Thus, financial institutes also confirmed their interest in investing in the development of the transit and transport industry in Kazakhstan and the region, including the Central Trans-Caspian Transport Network passing through Southern Kazakhstan, as well as the potential connection of the Kazakh transport infrastructure with the Trans-European Transport Network (TEN-T).
The interaction between Kazakhstan and the EU within the framework of the EU strategy for Central Asia and the Global Gateway strategy was also discussed.
During the meeting, Vassilenko noted that the EU is Kazakhstan's main trade and investment partner. The EU accounts for about 30 percent of Kazakhstan's foreign trade and accumulated foreign investment. He noted the positive dynamics in the economic, trade, and investment spheres, despite the influence of geopolitical challenges.
Vassilenko also noted the importance of preventing negative consequences for trade and economic relations between the parties in light of the introduction of EU restrictive measures against Russia. The European side again assured that the sanctions measures were not directed at Kazakhstan. EU support was also voiced regarding the access of Kazakh products to the European market.
Meanwhile, Kazakhstan's trade turnover with the EU countries amounted to $42.6 billion from January through December 2023. The volume of trade turnover increased by 1.7 percent compared to the same period in 2022 ($41.8 billion).
At the same time, exports to the EU countries for the above period amounted to $31.7 billion, which is 6.4 percent less than from January through December 2022 ($33.8 billion). Kazakh imports from the EU countries in the reporting period increased by 36.1 percent and amounted to $10.9 billion. In 2022, imports amounted to $8 billion.
Furthermore, the Middle Corridor is a transportation and trade route that connects Asia and Europe, passing through several countries in the region. It is an alternative route to the traditional Northern Corridor and Southern Corridor.
The route starts in China and crosses Central Asian countries such as Kazakhstan, Uzbekistan, and Turkmenistan. It then passes through the Caspian Sea, Azerbaijan, Georgia, and Türkiye before reaching Europe.
The Middle Corridor offers a land route that connects the eastern parts of Asia, including China, with Europe, bypassing the longer maritime routes.
