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Efforts underway to create Turkic Fund - OTS chief

17 September 2022 16:49 (UTC+04:00)
Efforts underway to create Turkic Fund - OTS chief

By Sabina Mammadli

The process of creating a Turkic Fund is being completed, Secretary-General of the Organization of Turkic States (OTS) Bahgdad Amreyev said.

He made the remarks at a business forum dedicated to the restoration and development of the Karabakh region in Shusha.

"It's expected to complete the creation of the Fund and sign the relevant document on it. These funds will be allocated for the development of small and medium-sized businesses and the creation of infrastructure. The restoration of Karabakh will also be its main priority. This fund will begin its work from January 2023 and its cooperation will expand with the financial structures of OTS member countries," he said.

He noted that the document will be aimed at increasing trade and creating trade relations among OTS member countries, adding that it's necessary to diversify logistics routes due to the current geopolitical situation.

Further, he noted that a number of agreements are expected to be reached between the OTS member nations.

"The agreement on the simplification of customs procedures between our countries is almost ready for signing. On the eve of the summit in Samarkand, scheduled for November 11 this year, this agreement will be signed. This document will allow our companies to facilitate customs procedures, which is no less important than providing financial support," Amreyev noted.

He added that the organization is also working on an agreement on preferential trade between the Turkic countries, which will also save significant funds for entrepreneurs.

"We have also begun work on creating a free trade regime between our states. This is not an easy process, but today we are ready to sign a free trade agreement in the field of investment and services," the official further said.

Amreyev also stressed the desire of the organization to strengthen the potential of the Trans-Caspian corridor and to develop energy cooperation, which will significantly increase the global potential of the Turkic world.

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