Trade among Turkic Council states exceeds $7B
Baku, Azerbaijan, Oct. 14
By Eldar Janashvili - Trend:
The trade turnover among the member states of the Cooperation Council of Turkic Speaking States (CCTS-Turkic Council) for a year is more than $7 billion, Azerbaijan’s Deputy Economy Minister Rufat Mammadov said in Baku at a business meeting of economy ministers of Turkic-speaking countries held within the 7th Summit of the Turkic Council dedicated to a decade of cooperation, Trend reports Oct. 14.
After Uzbekistan becomes a full member of the council, this figure should rise to $12 billion, according to the report.
Along with the growth in trade turnover, mutual investments are also expected to grow, Mammadov noted. In particular, the volume of investments by the Turkic Council states in Azerbaijan reached $12.3 billion, the deputy minister said.
In turn, investments worth $15.3 billion were made by Azerbaijan in the Turkic Council states, Mammadov added.
The Turkic Council states interact in different areas, and this activity is expanding, numerous projects are being jointly implemented in various directions, the deputy minister noted.
“Turkic-speaking countries need to introduce new investment mechanisms, such as a joint investment fund,” Mammadov said.