Rolande Pryce: Reforms to integrate Middle Corridor will strengthen Georgia’s trade and revenue potential

Rolande Pryce, World Bank Regional Director for the South Caucasus, says a World Bank regional report examines how the Middle Corridor can be developed into a world-class trade and logistics route.

According to Pryce, the World Bank report estimates that development of the Middle Corridor could quadruple the volume of trade flows, while reducing the time required to transport goods along the corridor by 66%. She added that development of the Middle Corridor could create up to 2 million jobs, while increasing GDP by an average of 3.3%.

“As for Georgia, according to our modeling, the country’s GDP could increase by 3.6% by 2040. Significant growth in employment is also expected, along with an increase in trade flows, including revenues generated by increased trade. I believe this is very important for Georgia’s economic transformation,” Pryce said.

“However, to realize all these benefits, investments are needed first and foremost. The government is already actively working in this direction. You have heard about the Economy and Sustainable Development Ministry’s plans regarding the development of the Anaklia Port and the expansion of the Port of Poti,” she added.

Pryce also emphasized the importance of improving the efficiency of the corridor itself, including integrating documentation, customs procedures, systems and operations.

“The corridor should be viewed as a single, seamless route in order to remain competitive. These reforms and institutional changes, which will help establish the corridor as a more integrated system, will increase trade and cargo movement along this route and ultimately ensure greater revenues for Georgia,” Pryce said.