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    World

    EU announces €10 bn investment to bolster Middle Corridor

    EU announces €10 bn investment to bolster Middle Corridor

    The landscape of foreign policy in the Caspian region, encompassing nations from the South Caucasus and Central Asia, often moves at a glacial pace, shaped by historical legacies and geopolitical complexities. The aftermath of the Soviet Union's collapse in 1991 initially sparked optimistic projections of rapid democratization and free-market transitions. However, the reality proved more nuanced, with the newly independent states grappling with Soviet-era legacies and a dearth of Western intellectual frameworks, Caspian Policy Center reported. 

    Photo: Middle Corridor
    Source: Caspian Policy Center
    Kazakhstan emerged as an early proponent of a "multi-vector" foreign policy, aiming to balance relations with major powers like Russia, China, the United States, and the European Union. Over time, other regional nations adopted similar approaches, albeit at varying paces.

    While the EU expressed interest in the region, its influence was tempered by the consensus-driven nature of its decision-making processes, with individual member states like Italy, Germany, France, and the UK often taking the lead due to their corporate investments, particularly in the hydrocarbon sector.

    The geopolitical landscape experienced a seismic shift following Russia's aggression against Ukraine, prompting the EU to reevaluate its engagement with the Caspian region.

    A meeting between the Caspian Policy Center and EU officials in Brussels underscored this recalibration, coinciding with the EU's announcement of a €10 bn investment to bolster the Middle Corridor—a strategic trade route bypassing Russia.

    This investment, primarily channeled through established Western financial institutions, aims to enhance infrastructure along the Trans-Caspian Corridor, including upgrades to ports and railways in Azerbaijan and Georgia.

    However, challenges persist, notably in the EU's mediation efforts between Armenia and Azerbaijan following the latter's territorial gains in Karabakh. France's perceived bias towards Armenia due to domestic political dynamics has hindered EU mediation credibility in the region. Despite these obstacles, the EU's heightened engagement in the Caspian region signals a promising development, with the upcoming summit in Samarkand and Azerbaijan's chairmanship of COP-29 further underscoring European interest.

    Earlier Daryo reported that Kazakhstan and Romania's Ministries of Transport have reaffirmed their dedication to collaboration, particularly regarding the advancement of the Trans-Caspian International Transport Route (TITR). During a gathering in Bucharest, Marat Karabayev, Kazakhstan's Minister of Transport, and Sorin Grindeanu, Romania's Minister of Transport and Infrastructure, engaged in talks regarding mutual cooperation in the transportation and logistics sphere.

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

     

    23.02.2024, 01:56   Comments (0)   1829
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