Kazakhstan and Hungary are set to deepen their collaboration on the Trans-Caspian International Transport Route, a key trade corridor connecting Asia and Europe, Kazakh President Kassym-Jomart Tokayev announced during a joint press conference with Hungarian Prime Minister.
Kazakhstan and Hungary are set to deepen their collaboration on the Trans-Caspian International Transport Route, a key trade corridor connecting Asia and Europe, Kazakh President Kassym-Jomart Tokayev announced during a joint press conference with Hungarian Prime Minister Viktor Orbán in Budapest.
"New opportunities are emerging for infrastructure, logistics, and international trade development. Kazakhstan handles 85% of overland transit shipments between Asia and Europe, and we anticipate shipments along this route to reach 10 million tons in the near future," President Tokayev stated.
During the visit, a pivotal memorandum of cooperation was signed between KTZ Express (Kazakhstan), L.A.C. Holding (Hungary), and Xi'an Free Trade Port Construction and Operation (China).
"This agreement will enhance trade and transport connectivity between our nations and marks another step in strengthening economic ties across the region," added Tokayev.
The Trans-Caspian International Transport Route, also known as the Middle Corridor, serves as an alternative to the traditional Northern and Southern Corridors. Starting in China, the route passes through Central Asian countries such as Kazakhstan, Uzbekistan, and Turkmenistan, crosses the Caspian Sea, and continues through Azerbaijan, Georgia, and Türkiye before reaching Europe.
The Middle Corridor provides a direct land connection between East Asia and Europe, offering a faster alternative to lengthy maritime routes, thereby bolstering regional trade and cooperation.
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Kazakhstan will begin routing selected government expenditures worth more than 100 million tenge ($190,000) through its digital tenge platform, expanding the use of the central bank digital currency to strengthen oversight of public spending.
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