Kazakhstan, Azerbaijan to sign agreements to increase freight traffic along Middle Corridor

Kazakhstan will sign agreements with Azerbaijan aimed at increasing freight traffic along the Trans-Caspian International Transport Route (TITR, Middle Corridor), Nurlan Zhakupov, head of the Samruk-Kazyna Sovereign Wealth Fund, told journalists, Report informs.

He noted that one of the agreements will be signed with the AZCON holding company.

"As part of this agreement, we will consider the joint operation of ferries manufactured at the Baku Shipyard," Zhakupov said, emphasizing that this agreement is intended to strengthen the potential and role of the Middle Corridor.

He emphasized that both parties are interested in maximizing cargo flows along this route and will therefore seek a solution regarding the type and configuration of vessels.

According to Zhakupov, in 2025, a joint venture created by Kazakhstan and the UAE has agreed to manufacture two ferries at the shipyard for a total of $62 million.

The head of the Sovereign Wealth Fund also noted that another document will be signed between SOCAR and the joint investment fund of Samruk-Kazyna and the Azerbaijan Investment Holding.

"As part of this deal, the parties agreed to jointly review renewable energy projects," he added, emphasizing that a roadmap would be developed based on the agreements concluded.