Azerbaijan and Uzbekistan are planning to create a joint venture (JV) to develop cargo transportation.
As Day.Az reports, an informed source told Trend about this.
It is noted that this joint venture will be intended specifically to improve transportation along the Trans-Caspian International Transport Route (TITR), better known as the Middle Corridor.
In addition, according to the source, a number of other specific measures are being developed to expand cooperation in the field of transport and transit between Baku and Tashkent. In particular, the parties are discussing establishing the production of ferries, creating a warehouse infrastructure and the transition to electronic exchange of documents.
It should be noted that in 2023, the volume of cargo transportation from Uzbekistan to Europe increased by 20 percent, which was also facilitated by the network of seaports on the Caspian Sea (Baku, Astara, Lankaran and Sumgayit).
TMTM has been operating since 2014, but it is in 2023-2024 that it demonstrates an increase in cargo traffic. In 2023, 2.7 million tons of cargo passed along the TCTM; in 2024, the corridor can transport over 4.2 million tons of cargo.