Turkic States focus on strengthening economic ties
The Turkic states have proposed setting up a network of economic research centers at a seminar in Astana, organized by the International Turkic Academy together with the Secretariat of the Organization of Turkic States. It was attended by representatives of Azerbaijan, Kyrgyzstan, Turkey, Uzbekistan, Kazakhstan, and Hungary. The parties discussed possibilities for the implementation of the strategy ‘Turkic World Vision – 2040’. The document envisages measures aimed at strengthening economic cooperation and removing trade barriers along the transit corridors. An increase in capital investments is also among the tasks. For example, the OTS member states invested more than US$700 million in Kazakhstan in the first nine months of 2022. Overall, since 2005, the inflow of foreign direct investment from member countries of the Organization of Turkic States has reached almost US$5 billion.
“There has been significant growth to date. Thus, in the period from 2010 to 2022, the trade has increased threefold, namely from US$4.8 billion to US$12.9 billion. There is a great potential to further increase the volumes. We’ve analyzed bilateral agreements between Kazakhstan and the countries of the Turkic world, and concluded that the volume of the country’s total commodity turnover with these states may reach US$23 billion in the medium term,” said Dolores Tyulebekova, Director of the World Economy Research Center of Economic Research Institute.