On October 18, Bishkek hosted the 13th meeting of the Organization of Turkic States (OTS), wherein Ministers of Economy and Trade aimed to strengthen economic cooperation between the OTS member states.
The OTS, currently comprising Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, Uzbekistan, and Turkmenistan, with Hungary and the Turkish Republic of Northern Cyprus as observers, was founded in 2009 to foster comprehensive cooperation among Turkic-speaking nations.
During the meeting, Chairman of the Cabinet of Ministers of Kyrgyzstan, Akylbek Japarov, stated that in recent years, Kyrgyzstan’s trade turnover with the OTS member states has grown by almost 62%, with Kyrgyz exports increasing by 54.6%, and imports by 66%.
The Deputy Prime Minister – Minister of National Economy of Kazakhstan, Nurlan Baibazarov, emphasized Kazakhstan’s adherence to the development of Turkic integration and announced that the “Turkic Investment Fund created within the OTS demonstrates a common desire to expand economic and investment cooperation, implement joint investment projects, and attract capital, technology, and talent for our countries’ dynamic growth and prosperity.”
OTS ministers supported Kazakhstan’s initiatives to create a Green Finance Council, a Council of Central (National) Banks of the OTS member states, and the inauguration of the Turan Special Economic Zone in the Kazakh city of Turkestan, where the next meeting will be held.
In January-August 2024, trade between Kazakhstan and the OTS countries amounted to $7.2 billion, and according to the Turkish Ministry of Finance, by the end of 2024, the Turkic states are poised to play an important role in the world economy, reaching an economic volume of $1.9 trillion and a population of 178 million.
As previously reported by The Times of Central Asia, the Turkic Investment Fund, with an authorized capital of $1 billion, will begin financing major joint projects of the OTS member countries from January 2025.
