The European Union plans to attract up to EUR 12 billion in investments to develop the Middle Corridor, which is intended to directly connect the South Caucasus and Central Asia with the European market, European Commission President Ursula von der Leyen said in an address to the European Parliament
"This will be a new international connectivity project. It will directly connect the South Caucasus and Central Asia with the European market - what we call the Middle Corridor," Azerbaijan's Report news agency quoted von der Leyen as saying.
The EU intends to use the Global Gateway initiative to attract up to EUR 12 billion in public and private investment for the project, she said.
"Our goal is to diversify routes, triple trade flows and sharply reduce cargo transit times by 2030," Von der Leyen said.
She also announced a regional connectivity summit to be held jointly with Bulgarian Prime Minister Rumen Radev. The summit will focus on turning the project into a practical reality, she said.
Von der Leyen linked the development of such partnerships to changes in the international system and the need for the EU to independently strengthen the resilience of its supply chains and protect its economic interests.
The Middle Corridor, or Trans-Caspian International Transport Route, connects China and Europe via Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and Türkiye.
