EU trade with Azerbaijan, Georgia, and Kazakhstan to surge 28% by 2030 World Bank forecast

Trade turnover between Azerbaijan, Georgia, and Kazakhstan with EU countries could rise by as much as 28% by 2030, according to Stefanie Stallmeister, the World Bank's regional manager for Azerbaijan.

Stallmeister shared the World Bank's forecast in an interview with local media, Caliber.Az reports.

"We estimate that by 2030, trade turnover between Azerbaijan, Georgia, and Kazakhstan may increase by 37%, while trade with the European Union could see a 28% boost," she stated.

Stallmeister highlighted that the World Bank had conducted an extensive study on the Middle Corridor trade and transit route last year, which revealed substantial opportunities for growth.

"Our latest findings show the potential to cut travel times in half and triple trade flows along the Middle Corridor by 2030. The corridor serves as a crucial land bridge between China and Europe, and also plays a vital role as a regional trade route for Azerbaijan and its neighbors," she explained.

To achieve this trade expansion, Stallmeister emphasized the need for enhanced coordination, improved logistics, and increased digitalization across the region. She also underscored the importance of significant investments in railways, intermodal facilities, and ports within Azerbaijan, Georgia, and Kazakhstan.

The World Bank is actively collaborating with the governments of these countries, including Azerbaijan, to provide both technical expertise and financial assistance in support of these efforts, Stallmeister added.

By Tamilla Hasanova