(MENAFN) In a groundbreaking move, the European Union (EU) has unveiled ambitious plans to secure investments amounting to EUR10 billion (USD10.8 billion) for the creation of a strategic transport corridor connecting Europe to Central Asia. This initiative, announced by the European Commission during a dedicated forum on Monday, aims to bypass Russia, offering an alternative route through the South Caucasus and Turkey.

As part of the initial commitment, Brussels is prepared to allocate a significant EUR2.97 billion to kickstart the development of this pivotal trade route. In addition to this, the European Investment Bank has signed memorandums of understanding totaling EUR1.47 billion with the governments of Kazakhstan, Kyrgyzstan, and Uzbekistan, along with the Development Bank of Kazakhstan. Furthermore, the European Bank for Reconstruction and Development is poised to finalize a memorandum of understanding with Kazakhstan, signaling an investment pipeline of EUR1.5 billion for projects focused on enhancing transport connectivity in Central Asia.

The ambitious undertaking is a focal point of the two-day Investors Forum for European Union-Central Asia Transport Connectivity, commencing in Brussels. This forum, designed to address the extensive investment required, aims to transform the Trans-Caspian transport corridor into a cutting-edge, multimodal, and efficient route that seamlessly connects Europe and Central Asia.

The urgency behind this initiative lies in the European Union's quest to identify alternative trade routes between Europe and Asia, reducing dependence on existing routes that traverse Russian territory. The proposed transport corridor not only underscores the European Union's commitment to diversifying its trade networks but also serves as a strategic response to geopolitical considerations, notably seeking to mitigate the impact of potential disruptions in the existing trade routes.

This bold move by the European Union signifies a paradigm shift in its economic and geopolitical strategy, emphasizing the importance of fostering connectivity and reducing reliance on traditional transit routes. As the European Commission spearheads this transformative endeavor, the global community will be closely watching to see how this initiative unfolds and its implications for the evolving dynamics of international trade and geopolitical influence.

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