Azernews.Az

By Nigar Orujova, Azernews Staff Writer

Economy ministers of four Turkic countries met in the Azerbaijani capital Baku last week to discuss prospects for boosting cooperation.

The second such meeting of the Cooperation Council of Turkic Speaking States (CCTS) brought together the ministers of Azerbaijan, Turkey, Kazakhstan and Kyrgyzstan, as well as representatives of public and private sectors.

Azerbaijani Economic Development Minister Shahin Mustafayev said in his remarks that despite the ongoing crisis in world markets, the economies of CCTS member countries are experiencing stability, and the total GDP of these countries has exceeded $1 trillion.

The minister said the economic success of the Council`s member countries provides good conditions for the development of cooperation within the organization.

``Today, energy resources from Azerbaijan and Kazakhstan go through Turkey to Europe. In addition, projects that are just beginning to be implemented, such as the Baku-Tbilisi-Kars railway, Trans-Anatolian [gas] pipeline (TANAP), construction of a new international trade seaport in Alat [settlement near Baku] and others are designed to increase the export potential of the region,`` Mustafayev said.

Mustafayev said Azerbaijan`s trade turnover with the CCTS member states increased 35 percent in January-June 2012.

Turkish Economy Minister Zafer Caglayan said that member states of the Council should develop mechanisms to promote mutual investment.

Caglayan noted that currently Turkey`s investment in Azerbaijan amounts to $7 billion, while in Kazakhstan - $2 billion, and in Kyrgyzstan $1 billion.

According to him, the volume of mutual investments of the CCTS members is below the existing vast potential.

Caglayan told a press conference that Turkey is ready to share its experience in the creation of industrial zones with Azerbaijan.

Caglayan also noted that Turkey and Azerbaijan intend to carry out economic cooperation in third countries, adding that the issue was recently discussed at his meeting with Azerbaijani President Ilham Aliyev.

The minister also stressed the importance of the development of relations between Azerbaijani regions and Turkey, promotion of trade in national currencies, and mutual support of entrepreneurs in both countries.

Caglayan highlighted that Turkey aims to develop trilateral economic cooperation with Azerbaijan and Kyrgyzstan.

``We are actively cooperating in a trilateral format with Azerbaijan and Georgia, jointly implementing a series of major transport, energy and other projects. Similar cooperation with Azerbaijan and Kyrgyzstan is also interesting.``

Kyrgyzstan`s Economy and Anti-Monopoly Policies Minister Temir Sariev suggested the establishment of a development fund of Turkic-speaking states in Baku and considers that this fund will strengthen economic cooperation more by direct investments.

Kazakh Economic Development and Trade Minister Bakytzhan Sagintayev said Kazakhstan offers to help the businesses in Turkic-speaking countries to reach the markets of Customs Union member countries.

``Through Kazakhstan Turkic-speaking countries can gain access on favorable terms to the markets of the Customs Union member countries. We invite entrepreneurs in the fields of agro-industry, pharmaceuticals, construction and tourism,`` Sagintayev said.

He added that the favorable location of Kazakhstan creates favorable conditions for the development of trade in the region.

The main purpose of the CCTS ministerial was preparation for the next summit of the Turkic states` leaders due in Bishkek on Thursday.

The first meeting of the CCTS economy ministers was held in the Kazakh capital Astana in October 2011. It was attended by ministers and deputy ministers of Azerbaijan, Kazakhstan, Kyrgyzstan and Turkey.

The CCTS, founded by the four countries, was established in 2009 as an international intergovernmental organization, with the overarching aim of promoting comprehensive cooperation among Turkic-speaking countries.