Kazakh leader calls for expansion of transit ties between Asian countries

ECONOMICS  28 March 2024 - 11:46

Kazakhstan President Kassym-Jomart Tokayev has pointed out the strategic importance of expanding transit and transport cooperation between Asian countries.

“It is extremely important to increase our efforts to develop both existing and new transport routes” Tokayev made the remarks in the opening ceremony of the plenary session of the 23rd Boao Asian Forum (BAF), held in the Chinese province of Hainan, under the motto “Asia and the world: common challenges, common responsibility,” according to the Kazakhstan president’s official website Akorda.

These, in his opinion, include the Trans-Caspian International Transport Route, or the so-called “Middle Corridor,” which most effectively ensures the security of supply chains between Asia and Europe.

“Last year, the volume of cargo transportation on this route doubled and amounted to 3 million tons. In the coming years, we expect this figure to reach 10 million tons. At the same time, Kazakhstan is ready to cooperate with its neighbours in the development of the North-South corridor,” the head of state said.

Referring to “the serious” challenges facing the global economy, Tokayev said that “protectionist policies and escalating trade disputes are disrupting global supply chains, holding back economic growth and eroding investor confidence. It is obvious that the global economy needs new development paradigms. Failure to solve this problem could result in missed opportunities in the next decade”.

“Asia is expected to contribute 60% of global GDP growth this year. The continent accounts for 53% of global trade and is home to some of the world's largest and most dynamic economies. Foreign direct investment in Asia has increased significantly in recent years. This region is also home to the world's leading technology centres, accounting for 70% of patent development. The continent has significant human resources, with 21 of the world's 30 largest cities located in Asia. Of the expected $30 trillion in growth in middle-class consumption by 2030, only $1 trillion is expected to come from Western economies. Taken together, all these factors point to the so-called “Asian Renaissance,” the Kazakh leader said.

Tokayev noted that the Asian region has good potential to continue to stimulate global growth and development in the coming years.

He also called on strengthening technological cooperation, especially in the field of artificial intelligence (AI) to ensure sustainable growth of the global economy, and supported the “Global Initiative on Artificial Intelligence Governance” launched by China in this regard.

Tokayev announced Kazakhstan’s interest in cooperation with leading Asian technology giants to implement joint innovative IT projects.

Caliber.Az