BAKU, Azerbaijan, September 16. Kazakhstan President Kassym-Jomart Tokayev has proposed that South Korean companies participate in the development of infrastructure projects along the Trans-Caspian International Transport Route (TITR) or Middle Corridor.
According to the press service of the Kazakh president, Tokayev made the proposal during the Central Asia - Republic of Korea Business Summit.
He said the expansion of transport connectivity is becoming increasingly relevant, noting that Central Asia's geographic location creates significant opportunities to strengthen transport and logistics links across Eurasia.
"The Trans-Caspian International Transport Route plays an important role in this regard, a significant part of which runs through Kazakhstan. Currently, this route accounts for around 85% of all overland transportation between Asia and Europe," Tokayev said.
According to the President, container transportation along the Middle Corridor increased by 36% last year, while an 18% increase was recorded in the first eight months of this year.
"We plan to increase the route's capacity from 6 million to 10 million tons over the next two years. We propose that Korean companies take an active part in the development of infrastructure projects along this route. To this end, the Government of Kazakhstan will form a portfolio of investment projects for Korean partners," Tokayev said.
Tokayev also emphasized the importance of developing cooperation in critical materials. According to him, Kazakhstan has significant deposits of critical minerals and rare earth metals.
"We produce copper, chromium, titanium and many other elements that have been identified by the Korean Government as priority strategic resources. Given Korea's advanced technological experience, we propose forming a pool of targeted full-cycle investment projects covering geological exploration, extraction, deep processing and production of critical materials," the President said.
