(MENAFN- Trend News Agency) TBILISI, Georgia, May 2. The Middle Corridor isexperiencing a surge in prominence as an extraordinary alternativeto Black Sea ports or land routes for facilitating trade flowsbetween Europe and Asia in light of the current difficult globalenvironment and the increasing need to diversify supply chains,First Vice Prime Minister and Minister of Economy and SustainableDevelopment of Georgia Levan Davitashvili said, Trend reports.
He made the remark at a panel discussion on the topic "EnhancingConnectivity: European Connectivity (Renewable Energy and DigitalConnectivity) Middle Corridor (Reshaping Euro-Asia Connectivity)"within the framework of the ADB (Asian Development Bank) annualmeeting in Tbilisi.
"In pursuit of this objective, the nation is proactivelyenhancing its transportation infrastructure via a multitude ofinitiatives, including railway modernization, the Baku-Tbilisi-Karsrailway line, the East-West highway, and the deep-sea port ofAnaklia, among others."
These strategic investments are aimed at strengthening Georgia'srole as a bridge between Europe and Asia, while providingcorresponding opportunities to meet the continuously growingtransport flows," Davitashvili also said.
He noted that Georgia has long-standing cooperation with theAsian Development Bank.
"Up to $4.5 billion has been invested in various importantinfrastructure projects. Today's event is also crucial forpromoting inclusive and sustainable development, especially inlight of the challenges in the region resulting from the pandemicand geopolitical conflicts.
Despite the significant macroeconomic impact caused by thepandemic, crises have generated new approaches and innovative ideasfor reorienting and intensifying efforts towards acceleratedeconomic development in the regions," the minister mentioned.
Davitashvili emphasized that the theme of today's event,"Enhancing Connectivity," is very important, as connectivity in abroad sense encompasses many areas, including communication,energy, and transportation, which can have synergistic andcumulative effects on our countries and economies.
"In the post-pandemic period, Georgia's economic growth reacheddouble digits – 10.6 percent and 11 percent in 2021 and 2022,respectively. The trend continued with a growth rate of 7.5 percentin 2023 and 7.7 percent from January through February 2024. Alongwith structural reforms, strengthening regional ties helps ensureeconomic stability and sustainable long-term growth," he said.
The official stressed the crucial role of the private sector andinternational financial institutions in accelerating theimplementation of strategic partnership projects and thanked theAsian Development Bank and other financial institutions for theirlong-term support in building quality infrastructure inGeorgia.
The minister also emphasized the importance of Georgia in termsof energy connections. According to him, the most ambitious projectis the construction of the Black Sea submarine cable, which willstrengthen regional connectivity.
"The importance of this flagship project for both Europe and theCaucasus cannot be overstated; it not only serves thediversification of supply routes and risk reduction but also hasgreat potential to promote the development of renewable energysources in Georgia and the wider region," he added.
According to the Ministry of Economy, Georgia is hosting theannual ADB event this year.
The 57th Annual Meeting will have the theme "Bridge to theFuture" from May 2 to May 5.
The opening session of the Board of Governors will take place onMay 4. The opening session marks the official start of the annualmeeting. It is a high-profile event attended by the Guest of Honorfrom the host country. ADB President Masatsugu Asakawa andGeorgia's Minister of Finance and Chair of the ADB Board ofGovernors, Lasha Khutsishvili, will make remarks.
The annual meeting is an opportunity for ADB governors to considerdevelopment issues and challenges facing Asia and the Pacific thousand participants, including finance ministers, centralbank governors, senior government officials, members of the privatesector, representatives of international organizations and civilsociety organizations, youth, academia, and the media, regularlyjoin the meeting.
Stay up-to-date with more news at Trend News Agency'sWhatsApp channel
MENAFN02052024000187011040ID1108165488
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.