22 Jun 2023 16:56

Kazakhstan, Azerbaijan, Georgia to set up joint venture to develop Trans-Caspian Int'l Transport Route

ALMATY. June 22 (Interfax) - Kazakhstan Temir Zholy, Azerbaijan Railways and Georgian Railway will sign an agreement on key principles of the establishment and functioning of a joint venture to develop the Trans-Caspian International Transport Route, the Kazakh government's press service said in a statement.

Kazakhstan and Azerbaijan signed the agreement after talks between their prime ministers, Alikhan Smailov and Ali Asadov, in Baku.

"The agreement setting up a joint logistics company for further development of the Trans-Caspian International Transport Route is a key document. Kazakhstan and Azerbaijan signed it today, and another participatory state, Georgia, is expected to sign the agreement shortly," the press service said.

The venture will unify tariffs and handle all cargo transported by the route, it said.

"The company's main task will be cargo transportation between China and Europe. Maximum simplification of all processes. It took 53 days to transport the cargo by the route in the past, and now the delivery time is cut to 18-23 days," the press service quoted Smailov as saying.

The new company will cut the delivery period to 18 days this year, and to 10-15 days later.

The Trans-Caspian International Transport Route, also known as the Middle Corridor, is an international transport corridor that goes from China to Turkey and Europe through Kazakhstan, the Caspian Sea, Azerbaijan and Georgia.

Kazakhstan Temir Zholy is a transport company, which operates as part of the Samruk Kazyna National Welfare Fund and provides services of the main railway network, railway freight transportation, railway passenger transportation, transport and logistics services, and operation of freight cars.