High ranking officials from railway sector, as well as representatives from leading private and commercial transport companies from Russia, the CIS and the European Union converged on Azerbaijan's capitol, Baku, for the annual International Rail Business Forum on November 24.
In recognition of the rapidly growing importance of rail to commerce and trade in Eurasia, Europe and beyond, senior figures from international rail organizations, the European Commission's Directorate General for Mobility and Transport and a wide range of public officials and private sector experts in economic policy, banking operations and international relations, were on hand to find ways to increase trade, transportation and efficiency.
The International Rail Business Forum is an annual event dealing with rail issues and is the largest business meeting of all major stakeholders across the region. The forum aims to foster a joint approach to the regional development of rail sector and reach systemic solutions for the most important operating issues in the rail complex.
The forum highlighted the importance, internationally, of the North-South Transport Corridor. The corridor is considered key to the growth of trade and commerce in the region. Of significant note, as some experts assert, was the signing of a strategic agreement between TransContainer and Dalian Port Corporation. The signing of the document promises to open new avenues of cooperation and new and increased trade.
The forum also concentrated on the issues of international coordination for railway infrastructure construction, assess investments opportunities and funding models for the international North-South transport corridor and took a look at alternative sources of capital to upgrade infrastructure for quick and safe cargo transfer.