The Turkic Investment Fund and the Union of Turkic Chamber of Commerce and Industry (TCCI), are set to sign a Memorandum of Understanding on February 14, Secretary General of the Organization of Turkic States (OTS) Kubanychbek Omuraliyev said, Report informs.
He made remark at the event titled "Turkic Investment Fund and Union of Turkic Chambers of Commerce and Industry: Informative Meeting and B2B for Business Leaders" held in Baku.
"This document will institutionalize partnership between our main economic organizations and accelerate investments in the Turkic world. The activation of the Turkic Investment Fund will support small and medium-sized enterprises (SMEs), finance major infrastructure and economic projects, and expand trade and investment opportunities," he noted.
Omuraliyev added that the fund will provide financial support to innovative projects in industry, logistics, energy efficiency, information-communication technologies (ICT), and green economy.
He called on businessmen of the Turkic world to invest in projects to be implemented in the region: "The trade volume among the OTS members currently constitutes only 7% of total exports, and more investment should be attracted to increase this indicator."
The secretary-general highlighted that the Turkic world creates extensive trade and investment opportunities with its population of 107 million people and territory of 4.5 million square kilometers.
"The total GDP of Turkic states exceeds $4.3 trillion, and the region is the third largest energy supplier in the world," Omuraliyev emphasized.
He noted that the Middle Corridor carries strategic importance as the main trade route between East and West: "This corridor is 2,000 kilometers shorter than the Northern Corridor and delivers cargo from China to Europe three times faster than sea transport."
Omuraliyev also mentioned that the China-Kyrgyzstan-Uzbekistan Railway project will reduce the distance to Middle Eastern and European markets by 900 kilometers and increase annual cargo capacity to 12-15 million tons.
Moreover, the secretary-general talked about the Digital Economy Partnership Agreement (DEPA), signed at the 11th Summit of OTS, stating it is currently in the ratification process: "This agreement will increase trust in digital operations among OTS members. Finalizing the free trade agreement in services and investments is also among the main priorities. This step will increase trade turnover and investment opportunities between member countries."
Omuraliyev noted that the signing of the Memorandum on establishing the Council of Central Banks and National Banks of Turkic states will serve to expand financial cooperation: "The signing of the Türkiye Green Finance Council Memorandum is an important step for green finance and sustainable investments."
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