ASTANA – Kazakhstan Temir Zholy (KTZ) national railway company and PSA International, a leading port group with a global network, signed an agreement to establish a joint venture to develop Kazakhstan’s transport and transit potential by promoting the Trans-Caspian International Transport Route (TITR) and enhancing connectivity and trade flows from Southeast Asia and China to Europe through Kazakhstan.
The agreement was signed during a May 22 Kazakhstan-Singapore Business Forum as part of President of Singapore Halimah Yacob’s first visit to Central Asia, reported KTZ on May 23.
“This joint venture is a milestone moment for PSA, as it expands our global footprint into Central Asia and reflects our continued commitment to enhance global connectivity and enable sustainable trade,” said Tan Chong Meng, Group CEO of PSA International.
KTZ said the experience and technologies of PSA will open up additional opportunities to expand transportation geography and integrate Kazakh transport corridors with the world’s largest hubs.
According to the PSA leadership, relevant experience and pooled resources will help create an efficient logistics network connecting countries and continents. This will allow KTZ to enter new markets and establish itself as a key player in the global logistics arena.
Business leaders from Kazakhstan and Singapore signed commercial documents worth $275 million at the Kazakhstan-Singapore forum.