ASTANA, Kazakhstan, July 24. Kazakhstan's rising prominence as a transport hub along the Trans-Caspian International Transport Route (TITR, or Middle Corridor) will contribute to the economic diversification of the country, Trend reports, citing Moody's report.
"Kazakhstan’s non-oil sector benefits from strong government programs, which are actively implemented by state development banks. Businesses outside the oil sector have also benefited from the country's greater status as a trade hub, given Kazakhstan’s rising importance in the region. Progress in economic diversification will also be underpinned by Kazakhstan's rising prominence as a transport and logistics hub along the Middle Corridor, a trade route from Southeast Asia and China to Europe via Kazakhstan and Azerbaijan," the report reads.
According to Moody's, Azerbaijan also benefits from increased investment and activity in the transport sector amid the rising prominence of the Middle Corridor, which will continue to support economic growth.
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.