The creation of a Private Sector Advisory Council (PSAC) could enhance the efficiency of the Middle Corridor, according to a publication by the International Finance Corporation (IFC) on the role of the private sector in unlocking the potential of the Trans-Caspian Transport Corridor.
According to the publication, the recommendation to establish a PSAC is contained in a new flagship report by the World Bank dedicated to the Trans-Caspian Transport Corridor. The council is intended to bring together representatives of the private sector, government agencies and corridor users on a single platform to identify problems and develop appropriate reforms.
"How can we make the Middle Corridor more efficient? We need to listen to the companies that use it. Private sector advisory councils are designed to bring together business representatives, government agencies and corridor users to work together on problems and develop appropriate reforms," said Sakshi Varma, Senior Operations Officer at IFC.
Martin Vetmann, Global Head of Land Transport at KENKO Logistics, noted that intergovernmental cooperation is necessary to ensure such coordination.
"This is where mechanisms such as the PSAC can be useful and become an effective tool for ensuring coordination and coherence among the countries of the Caspian region," he said.
Varma also emphasized that private sector participation in decision-making would allow for greater consideration of the real needs and challenges of transport participants.
"When the private sector gets a seat at the table, decisions are more likely to reflect real needs and challenges. This will make the Middle Corridor more efficient and attractive for investment," she said.
