Azerbaijan, Uzbekistan Seek To Set Up Joint Venture To Develop Cargo Transportation
Date
10/25/2024 2:10:19 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 25. Azerbaijan and
Uzbekistan plan to set up a joint venture (JV) to develop cargo
transportation, an informed source told Trend .
According to the information, this JV will be designed
specifically to improve transportation along the Trans-Caspian
International transport Route (TITR), more commonly known as the
Middle Corridor.
Furthermore, according to the source, several other specific
measures are being worked out to expand cooperation in the field of
transport and transit between Baku and Tashkent. In particular, the
sides are discussing the establishment of ferry production, the
creation of storage infrastructure, and the transition to
electronic exchange of documents.
To note, the volume of cargo transportation from Uzbekistan to
Europe increased by 20 percent in 2023, which was also facilitated
by the network of seaports on the Caspian Sea (Baku, Astara,
Lankaran, and Sumgayit).
TITR has been operating since 2014, but it is the 2023-2024
period that demonstrates the growth of cargo traffic. A total of
2.7 million tons of cargo passed via TITR in 2023, and in 2024 the
corridor can transport over 4.2 million tons of cargo.
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