Minister: Expanding mutual investment within OTS important direction of integration

Alongside deepening trade relations, expanding mutual investment among Turkic States Organization (TSO) members has become a key aspect of economic integration, Minister of Economy Mikayil Jabbarov said at the 2nd Meeting of Ministers of Industry, Science, Technology, and Innovation of the OTS, held in Baku, Report informs.

According to Jabbarov, the Turkic Investment Fund, with a total capital of $600 million, is the first joint financial institution established by Turkic states.

"All these initiatives aim to strengthen economic cooperation among member countries, increase investments in strategic sectors, and support regional development. Additionally, Azerbaijan has set up bilateral investment funds with Uzbekistan, Kyrgyzstan, and Kazakhstan. These mechanisms facilitate capital flows, co-financing of industrial projects, and the realization of mutual investment initiatives," he said.

The minister noted that multilateral relations within the OTS have been steadily growing in recent years, significantly contributing to member countries' economies.

"Azerbaijan has established strategic partnerships or alliances with all OTS member states. Over the nine months of this year, trade turnover between Azerbaijan and OTS countries continued to rise. The heads of state have set a goal to further increase this dynamic. In this context, Azerbaijan is taking important steps to deepen economic ties and facilitate mutual trade with Turkic states," he said.

Jabbarov added that Azerbaijan currently maintains a Preferential Trade Agreement with Türkiye, as well as free trade agreements with other member states.

"Under these agreements, preferential regimes are applied in mutual trade operations, which significantly accelerate the circulation of goods and economic integration in the region. Such agreements also support the integration of production chains, expansion of joint industrial and export projects, and promote more liberal and efficient trade among Turkic states."