(MENAFN- GetNews) Container traffic along the Trans-Caspian International Transport Route (TITR) surged in the first 10 months of 2018, a minister said. Roman Skylar, the First Vice Minister of Investment and Development of Kazakhstan, told theTrendnews agency that between January and October, traffic in oil products, grain, metals, coal and chemicals along the TITR increased to 2,800 TEU (Twenty-Foot Equivalent Units).
During the same ten-month period the year before, traffic was only 160 TEU.
'For the 10 months, export rail transportation through the TITR amounted to 537,400 tons, and import rail transportation to 254,600 tons, Mr. Skylar said.
'In order to develop the transit and export potential of the country, a network of effective transit transcontinental corridors and routes through Kazakhstan was created and implemented.
'These include the Northern Trans-Asian Railway, North-South Corridor and TITR.
The TITR, which runs through Kazakhstan, Azerbaijan, Georgia and Turkey, was designed to allow for the smooth passage of goods from China to Europe and from Europe to China.
A consortium formed by the participating countries and comprising China Railway, KTZ Express,Azerbaijan Caspian Shipping Company,ADY Expressand Trans Caucasus Terminals are responsible for the management and development of the route.
Up to eight million tons of cargo are expected to be transported along the TITR by 2020.
, the national company for attracting high-quality FDI, has made infrastructure a priority sector for targeted global investment. During a series of international roadshows carried out throughout 2018, Kazakh Invest spoke to a range of senior business executives in Europe, the US and Asia who were interested in unlocking Kazakhstan's untapped potential.
The effect of the TITR in the Central Asian region is predicted to be significant. It is an important part of China's $900-billion Belt and Road Initiative (BRI), the objective of which is to restore the ancient Silk Road trade network and transform vast swathes of Asia.
Kazakhstan, which is the 'buckle in the BRI, is vitally important to the project's success, and has attracted considerable investment by foreign investors hoping to take advantage of the country's developing strategic partnership with China.
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Kazakh Invest was established by the Government of Kazakhstan to support foreign direct investment into the country. From establishing links with local companies to supporting project maintenance and coordination, it provides a wide range of services to facilitate investment, acting as a ‘one-stop shop' for all investment queries and needs.
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