The first phase of construction of the Baku International Sea Trade Port in Alat settlement will be completed in May 2018, said Azerbaijan’s Economy Minister Shahin Mustafayev.
He made the remarks at a conference dedicated to the Trans-Caspian International Transport Route (TCITR) in China Feb. 6.
The minister said that the port in Alat settlement is the largest port on the shore of the Caspian Sea, and is a significant part of Azerbaijan’s transport infrastructure.
Currently, the port’s construction is being carried out successfully, and the first phase will be completed in 2018, said Mustafayev adding that after the first phase’s completion, the port’s capacity will be 15 million tons per year.
“The port’s capacity will be increased up to 25 million tons of cargo and 500,000 containers per year at the second stage, and up to one million containers per year – at the next stage,” noted the minister.
This infrastructure, as well as the creation of a free trade zone in Alat [on the territory of the port], along with economic benefits, contributes to accelerating economic integration, ensuring peace and stability, Mustafayev said.
An international conference dedicated to the role of the Trans-Caspian International Trade and Transport Route “East-West” in the implementation of the “One Belt, One Road” initiative kicked off in Beijing on Feb. 6.
The event was also addressed by Chairman of Azerbaijan Railways Javid Gurbanov, Vice Minister of Commerce of China Wang Shouwen, Deputy Minister of Economy of Turkey Fatih Metin, Deputy Minister of Investment and Development of Kazakhstan Roman Sklyar, Deputy Minister of Economy and Sustainable Development of Georgia Giorgi Cherkezishvili.
In 2017, the volume of freight traffic through the Baku International Sea Trade Port (excluding the oil terminal) rose by 31 percent and totaled 4.4 million tons as compared to 2016. About 85.7 percent of the total volume accounted for the share of transit cargo transportation.
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