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Digital economy, innovation offer significant potential within OTS - Kazakh expert

Economy Materials 6 November 2024 14:14 (UTC +04:00)
Digital economy, innovation offer significant potential within OTS - Kazakh expert
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, November 6. Cooperation between the member countries of the Organization of Turkic States (OTS) has made significant strides, but there is still room for further development, said Damir Belgibaev, an expert at the Kazakhstan Institute for Public Policy, in an interview with Trend.

He noted that "today, 2 percent of the world’s population (160 million people) lives in the regions of OTS member countries. However, the demographic trends in these countries continue to grow, and cities like Astana, Baku, Ankara, and Tashkent are rapidly developing and attracting attention." The expert added that this region has become "a new trade route for global powers and traders." As a result, "the economic, cultural, and political ties between the countries are strengthening."

In recent years, the council has transformed into the Organization of Turkic States, with a clearer structure and more defined strategic goals. Belgibaev pointed out that "political cooperation between these countries is focused on ensuring regional security and stability," while "joint projects in culture and education are helping revive the shared cultural and historical heritage of the Turkic peoples." However, "the development of this cooperation is still influenced by factors such as the prioritization of each country’s national interests."

The expert also highlighted that the greatest potential for deepening cooperation lies in areas like "energy, transport logistics, and the digital economy." "The Turkic countries are rich in natural resources and are looking for ways to export these resources to global markets," he said. For countries like Azerbaijan and Kazakhstan, developing transit routes through Central Asia and the Caspian region is particularly important. Another key aspect for OTS countries is the development of trade and transport corridors, which strengthen economic ties and increase the region’s role in international trade. Additionally, "cooperation in digital economy and innovation holds significant potential," as this area plays "a crucial role in boosting the countries' competitiveness moving forward," the analyst added.

The upcoming OTS summit in Bishkek will be important, serving as a platform to discuss a range of decisions aimed at deepening political and economic cooperation. Belgibaev noted that issues like financing and implementing joint projects, developing infrastructure, and expanding transport corridors could be on the agenda. He also said that the summit will "help build stable relations and mutual trust between member states." Given the "geopolitical situation in the region, such summits help identify specific areas of cooperation and address shared security concerns."

Economic issues will also be among the main topics at the Bishkek summit. Belgibaev pointed out that, given the "current economic climate, China is the primary trading partner for OTS countries." "Today, China trades with Turkey for over $30 billion, with Kazakhstan for $32 billion, with Uzbekistan for $14 billion, with Kyrgyzstan for $3 billion, and with Azerbaijan for about $3 billion. Additionally, within the framework of the ‘Belt and Road Initiative’, China is playing a key role in the development of infrastructure in several OTS member countries."

The geopolitical situation poses several challenges for OTS countries. Belgibaev noted that "instability in the region, conflicts, and sanctions are limiting trade and economic relations between member states."

"The upcoming summit could serve as a platform to develop solutions aimed at overcoming these challenges. For example, strengthening mutual trade among OTS countries, expanding transport corridors, and tapping into new markets could be important steps in reducing dependence on external players. Creating a common security policy and launching joint projects will help ensure stability in the region," the analyst concluded.

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