Foreign Media Coverage of Trans-Caspian International Transport Route and B5+1 Forum: A News Digest
The Astana Times brings you the latest news from Kazakhstan, as reported by global media outlets. This week’s foreign media digest covers a range of topics, including the B5+1 forum in Almaty, Kazakh-Azerbaijani ties, foreign employees working in Kazakhstan, the Middle Corridor, and more.
The United States has launched an initiative to foster Central Asian connectivity through the B5+1 forum, which brought together government officials and business leaders from the region. The success of this initiative hinges on U.S. diplomacy encouraging local entrepreneurs to work effectively with governmental officials to create well-regulated economic systems.
Azerbaijan’s opening of the Zangezur corridor is expected to create new opportunities for Kazakhstan, according to political analyst Azer Garayev. The strong historical, cultural, and religious ties between Azerbaijan and Kazakhstan serve as the basis for their developing relationship, with initiatives like the Kurmangazy Children’s Creativity Center strengthening ties between the two countries.
Shinhan Financial Group is actively promoting business activities in Kazakhstan, aiming to become a leading multi-finance company in the Central Asian region. The group is expanding its services in Almaty and other regions, facilitating Korean business entry into Kazakhstan and strengthening efforts to attract funds from multinational corporations.
According to the Kazakh Ministry of Labor and Social Protection of Population, there are currently over 13,000 foreigners working in Kazakhstan. These foreign citizens are primarily employed in construction, manufacturing, mining, agriculture, and professional activities, with a significant portion coming from China, India, Turkey, and Uzbekistan.
Kazakhstan’s emerging strategic role in diversifying Asia-Europe trade is highlighted by BMI, a Fitch Solutions company. The country’s trade activity is expected to grow significantly in the coming years, with the development of the Middle Corridor playing a key role in increasing trade volume and enhancing connectivity between Europe and Asia.
In 2023, the volume of transportation along the Trans-Caspian International Transport Route (TITR) increased by 65% to 2.94 million tons. Kazakh Deputy Minister of Transport Satzhan Ablaliyev aims to increase this indicator by 43% in 2024, with plans to increase transportation volume along the Middle Corridor by 1.4 times.
These developments highlight Kazakhstan’s growing importance in regional connectivity and trade, positioning the country as a key player in enhancing economic cooperation and infrastructure development in Central Asia and beyond.
