It is possible to triple trade along the Middle Corridor and halve transit times by 2030, Azerbaijan’s Economy Minister Mikayil Jabbarov said on Thursday at the CAMCA Regional Forum in Baku. "Forms of energy consumption are changing. Oil played the leading role in the past, followed by gas.
Today, we are talking about a green energy corridor for the same customers and the same markets. The difference is that this time we are working more closely with our neighbours and the wider region, particularly the countries on the eastern side of the Caspian Sea. Our partners to the west of Azerbaijan continue to participate in and support this process," he stated.
Jabbarov noted that Azerbaijan’s lack of direct access to the open sea had pushed the country to pay particular attention to connectivity. "On the one hand, Azerbaijan is a landlocked country. On the other hand, this feature has created a certain natural selection.
It has meant placing a strong emphasis on connectivity to reduce our geographic vulnerability and being willing to invest in this area," the minister emphasized. He said the development of the Port of Alat, the Baku-Tbilisi-Kars railway, Azerbaijan’s shipbuilding industry, as well as investments in ports and relevant terminals abroad, were all part of this strategy. "The same applies to energy infrastructure, pipelines and fibre-optic connectivity, where we believe there is even greater potential.
According to the World Bank’s 2023 assessment, if the necessary investments are made and efficiency measures are implemented, continued efforts to improve connectivity could triple trade along the Middle Corridor and halve transit times by 2030," Jabbarov added. According to him, Central Asia has remained Azerbaijan’s fastest-growing regional trading partner over the past five years. Here we are to serve you with news right now.
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