Brussels: The European Union (EU) has announced plans to secure up to £12 billion in public and private investment to develop the Middle Corridor, a key project aimed at connecting the South Caucasus and Central Asia directly with the European market. European Commission President Ursula von der Leyen shared this information during her State of the European Union address to the European Parliament.

According to Azeri-Press News Agency, von der Leyen referred to the Middle Corridor as a new international connectivity project that will link the regions to the European market. The EU intends to leverage its Global Gateway initiative to attract the necessary investments for this strategic endeavor.

The EU's objectives include diversifying trade routes, tripling trade flows, and significantly reducing cargo transit times by 2030. Von der Leyen highlighted these goals as part of the broader vision for the Middle Corridor's development.

Additionally, a regional summit focused on connectivity is set to be co-hosted by von der Leyen and Bulgarian Prime Minister Rumen Radev. This summit aims to transform the Middle Corridor project into a practical reality, further strengthening trade ties between Europe and Asia.

The Middle Corridor serves as a crucial route for cargo transportation between Europe and Asia, traversing Central Asia, the Caspian Sea, and the South Caucasus. The EU considers this route vital for diversifying its trade connections.