President Kassym-Jomart Tokayev of Kazakhstan announced a plan to increase cargo traffic through the Trans-Caspian International Transport Route (TITR) to 500,000 containers per year by 2030. He made this statement during the first Central Asia and Gulf Cooperation Council (GCC) summit in Saudi Arabia.

While delivering a speech at the event, President Tokayev said that the development of the transportation sector and transit opportunities is a very important task. This is why Central Asian counties are trying to diversify routes and develop different infrastructural and logistical projects. Tokayev cited the TITR as a project with huge potential.

«We are going to gradually increase the flow of cargo that goes through this route to 500,000 containers per year by 2030. In addition, Kazakhstan is taking measures to develop the International North-South Transport Corridor,» Tokayev said.

While speaking President Tokayev also talked about the following:

– Expansion of trade and economic relations. Tokayev stated that Kazakhstan is ready to beef up its exports to the Gulf countries of about 100 types of goods worth $400 million.

– Activation of investment cooperation. According to UNCTAD, the inflow of net investments into Central Asia increased by 40% to $10 billion last year. Kazakhstan accounted for 60% of these funds. The Gulf countries have already invested about $3.6 billion in Kazakhstan, which now wants to boost these relations even more. As Tokayev highlighted, Kazakhstan is ready to cooperate with all member states of the GCC.

– Deepening energy cooperation. There are more than 30 billion tons of proven oil reserves and more than 20 trillion cubic meters of gas in Central Asia. This makes the region the second-largest global reserve of oil and gas after the Arabian Peninsula. Kazakhstan is eager to cooperate with big energy companies from OPEC+ countries, especially in the sphere of green energy. According to the president, joint projects with ACWA Power (Saudi Arabia), Masdar (the UAE) and Qatari companies are very promising. Tokayev also invited member states of the GCC to take part in the International Energy Forum in Kazakhstan.

– Food security. Kazakhstan is one of the ten largest producers of grain and flour in the world. Tokayev said that the country’s cabinet continues to synchronize standards, regulations and certification procedures for organic and halal food based on the experience of the Gulf nations. He also suggested establishing a mechanism of regular meetings between agricultural ministers to expand cooperation in this field.

– Development of interregional tourism. As Tokayev noted, there are lots of unique tourist destinations across Central Asia. He said that all countries should put efforts into the development of cooperation in this field. The president also said that Kazakhstan has already introduced a visa-free regime for all GCC member states and has direct air travel with their capital cities, Kursiv reports.